That assumes 100% of Internet can or would be willing to adopt Cloudflare, which has no real basis.

The EU is finally waking up to the fact that putting all its eggs in the U.S. basket is a bad thing. China is enormous, and they're not going to go all in on Cloudflare either for a myriad of reasons. And a bunch of folks just don't like nor want to do business with the company and its CEO.

Internet traffic is projected to grow 25% YoY over the next decade.

What does that even mean? Revenue is measured in dollars not in % of internet traffic. They could "own" 100% of internet traffic and still have growing revenue.