Yeah 10yr long contracts aren’t the norm. Typically 3-5 years if it’s not on annual basis

They are for large infrastructure projects, especially at large organisations.

It takes companies 3-5 years for migration of these products, all of which are not CapEx funded and so get minimal resourcing without prioritisation by leadership.

Also, for anything with a 3-5 year implementation period, a longer contract aligns incentives.

The vendor isn't incentivized to fuck you over on renewal pricing as soon as the implementation is complete.

And because of the size of the contract, the customer has more leverage at renewal time.

Not for Oracle's "everything but the kitchen sink" unlimited enterprise licenses for large (Fortune 200) organizations that, like a buffet, encourage you to "eat more" to get a "better value." Which works great until you true-up after 10 years and your annual license fee skyrockets. Which is of course Oracle's plan. But, what I've been seeing happen instead, and this is purely anecdotal, is these companies are getting tired of paying tens of millions of dollars per year to Oracle as CIOs are under ever-increasing pressure to cut costs. So they're wary of allowing themselves to fall further into Oracle's clutches and in fact they're looking at how to get themselves out of this situation.

TL;DR - these 10 year enterprise deals with Oracle allowed companies to save money in the short run and get predictable annual licensing fees. It also bought them time to get more of their application portfolio off of Oracle so when it comes time to re-up they'll negotiate those fees down.