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?

Well, one feeds into the other. More activity in the ecosystem means more money for an enabler like Coinbase. And so we’re seeing more eth and eth adjacent products. 

That being said, bitcoin will always be an extremely well traded asset so it’ll always hold an imp place there.