Similar to other companies I give up a good control of my life to, Cloudflare essentially becoming a new internet backbone is ever so slightly terrifying.

Cloudflare itself is a "single point of failure." (Though massively unlikely with their incredible infra).

Cloudflare could shut off all of it's servers, or it's nameservers could go haywire, and there would be a massive internet outage. Much like when AWS goes down.