My concern is Kagi isn't/doesn't make as much as they need/hope to with their brand model. If they are ever disappointed in the results of building their brand, it's quite easy to see why they would be fine selling out.

Hell, WhatsApp started out as a privacy focused messaging app before selling out to Facebook/Meta. Now it's getting ads, nobody believes a privacy focus anymore, it's had a commercial message channel push, and so on. They are far from the first example of a tech company/product trading the mission/brand value for more money.

Bless the VLC developer for refusing offers for millions of dollars to put crap in VLC even though he knows the project could just be forked after and bless Gorhill for the same on uBO but the real trust in these things comes from the code being open source rather than faith the developers would never sell out.