The only question is if they can actually make money, and the kind of money that VC investment demands at that. Opera, the browser company had revenue of around $380 million last quarter, but if you don't use their browser, which is also "just" a chrome wrapper, you'd never know it.
To put it another way, Linux distros; Red Hat, Debian, Ubuntu, Arch, etc, are all "just" wrappers around the Linux Kernel. Yet "I made a Linux Kernel wrapper" is worth at least a billion, in the case of Red Hat. If you never come near that distro, you might not even see a reason for its value, but you can't argue with their sales numbers.
Impressive! It's fun to see the diversity of ways people sync/backup their Obsidian files. The nice thing about storing all your notes on your device is that it makes it possible to move and edit your Markdown files in many different ways. That diversity of solutions is what makes the ecosystem of Markdown tools resilient over the long term.
There are already a handful of tools that allow you to sync your notes for free, including Git, Syncthing, and some other options more specialized for Obsidian (see community plugins).
Obsidian is a small company, we're not VC backed (100% user-supported), so the Sync pricing helps us stay in business and keep the lights on. We also have a 40% educational discount on all our services[1] so you could be paying $4.80 instead of $8 :)
Reverse engineering things is a fun technical challenge, and also helps us find potential holes in our system. The main problems I see with your solution: 1. it could easily break in a future update to the app, 2. "Obsidian Sync" is a trademark, so you should consider renaming the repo otherwise it can be confused for an official tool — that would be my only request
[1]: https://help.obsidian.md/Licenses+and+payment/Education+and+...