I remember feeling the same way about Slicehost back in the day after Rackspace acquired them. Loved Slicehost. Not too long after though, Digital Ocean appeared with everything I loved about Slicehost and has kept getting better ever since.
I feel like that's Fly.io now. They took all of the great things about Heroku but also dramatically improved and added new capabilities...while improving on pricing, particularly for lower traffic stuff. Love Fly.
Not sure why people love fly.io over all the other competitors so much. I myself prefer render.com, for the simplicity and predictability of their billing, and their deployment model is so intuitive
I was working for Slicehost at the time, we were a tiny team working our butts off in a loft office in downtown St. Louis, with a few remote employees.
To my understanding there was a runway-growth problem. Could the founders raise and spend (efficiently) enough money quickly enough to keep the business viable? It would be a big gamble and the alternatives were to shut down (no way!) or sell. So they sold.
Rackspace wanted to take Matt’s and Jason’s know how (plus customer base) and go big, really big! That defocused our efforts a bit, plus there were corporate integration headaches (though not too bad). Eventually Linode, already a competitor, and later Digital Ocean filled the void.
> They took all of the great things about Heroku but also dramatically improved and added new capabilities
I also love Fly, but they were missing easy managed databases (which always seemed like the main reason to use Heroku to me). And now they have them they're very expensive (even compared to Heroku). Which is a shame because their compute is very cheap.