It’s been widely speculated, months ago when the change happened, that Terraform has become the scapegoat for this licensing change. The actual impetus was IBM reselling Vault. IBM then helped push the OSS fork of Vault (OpenBao) and this acquisition just brings this whole license change thing to a convenient conclusion for IBM.
Almost all the talk I saw internally, from well before to well after the license change, about competitors "taking advantage" of our open-source versions was about TFC competitors like Spacelift, Scalr, etc. and Terraform OSS. The Vault competitor mentioned most often was Akeyless but for reasons less like the TFC competition. I saw IBM Cloud Secrets Manager mentioned maybe once or twice.
I'm sure IBM Cloud's Vault offering was part of the decision, but from where I was sitting, it didn't look like the reason or even the primary reason.
