Perceptually, it seems like coinbase over the years has become primarily an ethereum-centric company over bitcoin.

Why is this? I feel like I see a lot more initiatives toward eth l2s, wallets, ens, etc. than bitcoin-related products. Is this simply bc there's less surface area to build on? or it's less profitable?

Coinbase notoriously prefers safe bets. This conservative strategy has paid off as bear markets happen, but means they’ll always play catch up compared to other exchanges. It’s hard to play the bleeding edge and not get cut.