Following IBM's acquisition of Hashicorp the moves seems unsurprising, they wouldn't want to be beholden to a competitor.
We'll inevitably see others large companies follow suite - it was one thing when hashicorp was independent tech company but it's very different when it's owned by a direct competitor.
From what I have read Hashicorp did this relicensing since IBM was reselling Vault at scale in IBM cloud. They wanted to force IBM and other cloud providers to pay them instead I believe.
IBM employees then initiated the fork of vault which is called openbao. Later IBM buys Hashicorp. The fork might have just been an attempt at leverage in the negotiations but it remains to be seen if it will live on.
We'll inevitably see others large companies follow suite - it was one thing when hashicorp was independent tech company but it's very different when it's owned by a direct competitor.