There's a valid belief that USD assets could lose value, given the recent spike in
USD. A reversal of that trend would be bad for anybody buying US treasuries right now. Keep in mind, the minor gain on interest rate arbitrage could be wiped out 10x with an exchange rate move that goes against you.
And what about competition? That's what you are missing. Someone comes up with a better product, and this one product wonder may be toast. Perhaps a new scan that eliminates all the embarrassment and messiness.