Ask HN: Are crypto wallets a race to the bottom?

I've been researching non-custodial crypto wallets to understand the venture scale opportunity. The majority don't monetize today but plan on monetizing through taking a cut of on-ramp fees and swap fees. Given the nature of non-custodial wallets and the fact that you can take your private key anywhere, what's stopping people from moving from one service to another and making the wallets compete on their margins? I get that brand names like Metamask have an advantage given their large reach but what about everyone else?

What wallet are you using and what's keeping you locked into that wallet?