For close to 2 decades we had near 0 interest rates. VC daddies used that as an excuse to throw loads of money at every itiots pet project because hey, why not? They were able to absolutely roll in money and take out loans at criminally low rates.

But now rates are getting back to actually sane levels again, and suddenly the vc daddies are all sad because the infinite money pit has dried up and they actually have to be responsible with their money again. So now they're turning to all of the companies that they gave money to and are saying "hey remember when I gave you money? Pay me back now. I don't care if it means you have to fundamentally change the service that's making you money, get me my money or I'll bring you down with it."

And since our economy is structured such that the money of wealthy people is more important than literally anything or anyone else in our society, the companies have no choice but to comply. So they all raise their prices and shore up the holes that weren't letting them milk every cent out of their users.