because they literally can't. ignoring the $1B budgeted cost, they are also facing massive execution risk. adobe is signaling their confidence in their ability to innovate/execute with the acquisition price - zero confidence.

even in the very unlikely event they were able to build a product with feature parity, with little operational blunder, on budget/on time, they still need to market it and get enough paying users to match the $400 million in revenue per year which Figma currently makes.