Honestly, shopify’s near-monopoly has confused me for at least a decade. Their platform is bad, and has always been bad - at least from the perspective of managing a store - yet no real challenger has been able to take their crown.

The issue, I suspect, is payment processing and KYC. To operate at their scale requires not only the cooperation of various PCI partners (who are not obligated to cooperate) it also involves massive liability. A better question to ask is for whom would the investment of building a new Shopify be worth it. I suspect the answer is “not anyone who is using Shopify”.