Same here. Mullvad’s awful policy that essentially limits you to having their client installed on 5 machines was also a deal breaker for me. Sure I could have fucked around with managing keys/connections myself, but why bother? I emailed their support about how inconvenient it was, and they told me I was free to pound sand or pay them for another subscription to enjoy the convenience of having their client installed on more devices.
Proton has been great since I switched, and I see no reason to use Mullvad these days.
Or the content is encrypted, but the metadata isn’t, so they can market to you based on who you talk to and what they buy, etc.