I went through the same doubts, but found out that the Milwaukee brand was purchased by TTI, which is a Hong Kong based company founded by a German.

Apparently they still have facilities in the US though.

We never stop being our parent’s child.

It’s not FOSS, but it uses markdown which is open, so even if Obsidian went down the path of enshitification, you could still (in theory) move your content over to an alternative. I know, I know, plugins, non-standard etc. etc…