AWS + Amazon doesn’t seem obvious to me; would there be much to gain from breaking up a conglomerate into several businesses, when those separate businesses are in entirely different verticals?

I suppose breaking off AWS might lower Amazon’s ability to subsidize an unprofitable retail business in search of market share, though that is probably a moot point now that Amazon is raising its prices in search of profitability and is likely to stop being the de facto online shopping destination now that other online retailers are also standardizing in two day shipping and easy returns (often easier due to providing return labels in the box).