Having just jumped from Google to Nameheap this is more than mildly frustrating.
edit: apparently this is the result of Verisign putting up their wholesale prices
this post was submitted on 21 Aug 2023
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I've been with namecheap a long long time now. They rarely raise prices and it's usually because upstream costs go up and everyone is raising prices. I'm a happy customer and ain't switching. I don't get bothered for endless upgrades. I only get emails when my domains come up for renewal or on the very rare occasion this happens.
Upstream costs are indeed going up as you implied, and Namecheap has razor thin margins.
Part of the deal with services providing bare-minimum prices is that the consumer takes on supplier costs when they arise. Same in all thin-margin businesses.