The thing is, every CDN provider does the exact same thing, and the modern internet wouldn’t work without them. Cloudflare gets a bad rap largely because they offer free and low cost services that are very attractive to individuals, hobbiests, etc.

Companies like Akamai, Fastly, AWS, etc. offer virtually identical services but you may never have heard of them because they mostly only offer services to corporate customers. But their CDNs operate the same way - by decoding the traffic so they can analyze it for purposes of caching it to speed up delivery.

Edit: Love how my comments are being downvoted. What I’ve said here is 100% accurate and true. I used to work at Akamai, and still work with it on a daily basis at my current employer so I have a lot of knowledge of the platform. If you think what I’m saying isn’t accurate then just say so.