I think from a stakeholder pov, just the fact that they are the gatekeeper to your passwords make it valuable.
Imagine if the chinese government could buy all its stock through a third party company, and sit on the board, install a "party affine" CEO without morals, etc.
Just a single silent software update can upload everyone's master key un-encrypted to the cloud, and decrypt everyone's passwords, attach them to email and corporate ids, etc. without anybody noticing.
How valuable does that make 1Password?
Emphasis mine.
That's the thing that bugs me about 1Password's recent moves. They don't own my passwords and I don't want them to own them. They're my passwords, and I want to store them how I want. Not be at the whims of 1Password's business strategy.