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?

I don't have any hard data on this, but it seems like the ETH/smart contract ecosystem has significantly more traction in terms of usage and developer activity. 

Given how well Coinbase is being perceived by the crypto ecosystem over this bear market it seems like the strategy is paying off.