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It's not that amazing. To be a registrar, you have to pay $10k for the privilege, then pay for multiple audits that you must pass (if you fail them you do not get reimbursed), and then you get to profit like $2 per domain per year, and you have to maintain high availability server farms, pay for the electricity, pay for the sysadmins, pay for the audits every year etc
There's a reason Google stopped doing it after they got their .google tld
I'm dissapointed they haven't registered web.google
Yup, there are two types of registrars. There's predatory type that tacks on shit you don't need and overcharge for everything like GoDaddy. And then there's places like Cloudflare that sell quality services. In both cases the registrar operations are just to lure you into their ecosystem of services.