I think the concern is more that they have such a small moat. Their product seems too easy to copy. But given that they are first to market, did a very a good job with what they offer and have acquired a lot of customers, that is all worth a lot of money. Is "a lot" $1B? Hard to say.

Once you host your videos with Loom and link them everywhere, the moat ain’t that small anymore. Also, their AI features are excellent.

But certainly agree that more competition entered the space in the last couple of years.

The brand also becomes a reinforcing moat in an interesting way when you become a household name. When your employees think to themselves "I want to send a quick video update to team X" and they instantly default to downloading Loom, IT's decision for which vendor to buy a solution like this from is practically made for them.