??? What, no.
Do the math on what you just said.
You'd have to charge 100x the price to have only the 'beloved customers'.
'Churn' is a normal part of business. 100x the customer based, for 10x churn? I think most people would take that.
'Years long waiting list' - is mostly rubb hype, a marketing tactic.
You are not going to be on the waiting list, if they think you are important.
My 'wait' was maybe 3 months, probably because I have 'some banking' elements on my profile. If I was a founder, probably 1 month.
It's a matter of who they think is willing to pay - and - a 'scarcity' tactic that feeds right into the egos of the kinds of people who would want that product.
Their tactics may be reasonable - it could be optimal for them ...
... but my issue is - they are not rational tactics in a competitive market.
Someone could 'copy the whole thing' and give it away for $1 a month.
'Churn' is not hugely relevant.
Which makes me believe that the features are just not that valuable.
They are trying to be a premium brand product in software.
I think 10% layoff is probably just an excuse to cut some fluff and R&D during a downturn. They can harvest cash a little bit before expanding.
I think the years long waiting list and manual selection of who you let in could be an attempt to game these metrics. (I'm not saying that's a valid excuse for doing it, because after 3 (2?) years, the need for such gaming suggests to me that the product isn't in the first category. It might still be OK and a viable business, but it's probably not going to turn into gmail.