You still have to do that work yourself. I am using honeycomb (the free tier) but their pricing makes little sense. Their margins must be something like x100.
It sure sounds like the problem is subsidizing the free tier by making the paid tiers excessively expensive. That in turn drives people to squeeze as much out of the free tier as they can, complain online, and jump ship to either a different service or self hosting.
Making sense out of so much data is why datadog and sentry make so much money.