I think so too, I think of Cloudflare as an infrastructure kind of company which is why they came to mind. It would be a buyout to keep the industry from seeing crucial tooling go down in flames when the wrong company acquires them. Microsoft might be a solid one, though no telling if this is even on their radar.

Does Microsoft even need Hashicorp? GitHub was valuable for the access to code repositories (probably for their AI master plan), but Hashicorp?

With Azure they have alternatives for stuff that Hashicorp offers and what for them in Terrafor considering that ARM and Bicep exists?

Hashicorp definitely fits the brand of meeting developers where they are.

A strategy that has worked well for them.