Since Elasticsearch changed their license, Loki has also appeared as a competitor and the Grafana machine have released a suite of tools that cover the observability categories. It may also be that the license change encouraged users to look for alternatives and there are more now than just being graylog and Elasticsearch.
Clickhouse has proven to also be a very capable database for logs and there are stacks that use it for log storage.
It's fair to say that most elasticsearch use cases aren't search based, they are analytical - which they don't 'excel' at. There are much more compelling products on the market these days.
Clickhouse has proven to also be a very capable database for logs and there are stacks that use it for log storage.