You could argue that it isn't just a hypothetical future, it's a trend that already exists and has repeated multiple times over in recent history. Nothing wrong with recognizing that and warning about it ("if you don't learn history you're doomed to repeat it" or something like that).

I think that since Substack already has a monetization in subscriptions it's possible that they won't need the same revenue. But it's also hard to convince execs to leave potential revenue on the table when they see it.