You're not missing much. What they do, many other EMIs do.
I had an account with Wise for years, but it became more and more difficult to do transactions with them to the point of dreading having them coming through Wise.
I recently understood why. The general public discovered them as a way to travel without being overcharged by banks for using ATMs and making payments in countries with a different currency (yes, the general public is that stupid and unaware of the thousands of alternatives at their disposal). So basically they are opening accounts in droves, and the business case of Wise has become people going on vacation abroad, buying Coca-cola bottles at the local supermarkets and withdrawing 100euro/dollars at the ATM.
Handling mostly small transactions takes a lot of regulatory pressure off their shoulders, and transactions above those numbers are just a problem for them, so they bully you into leaving by blocking your money without any explanation. They don't want you as a customer.
Combine that with the company going public (hence the original founder not giving a s**t anymore) and above all, the company is woke now (check their blog).
As others say, move on to better things.