They must have raised money based on this plan -- the board must be holding them to execute it again to hit the projected IRR. If they had full control of their own destiny, I think most operators would just focus on a different business model.

Not a raise, they merged with ironSource in 2022 (adtech). A new business model was likely baked in:

https://kotaku.com/unity-ironsource-merger-ad-tech-layoffs-1... https://mobilegamer.biz/inside-unitys-troubled-4-4bn-ironsou... https://unity.com/news/unity-completes-merger-ironsource

And there's the real reason to permanently distrust Unity. Not what they're doing, who they are. They're a scorpion. Doesn't matter how long it's been since they stung someone. It's in their nature.

Why is it that when companies acquire adtech companies, it seems like the adtech ends up on top?

My guess would be that only companies whose leadership already want to become adtech make the decision to buy an adtech firm.

This is a fair point. So they've already decided to change direction, they're buying expertise and a clientele.