The narrative around eng and developer resourcing is that everyone at Set Labs is basically full time on Index Coop. I have heard this countless times over the last few months.
When the community has sought further insight into who is working on what and how long these tasks are expected to take - Set Labs has failed to provide any meaningful insight. The community flagged concerns around poor communication in the past with Set Labs working on the FLI product months before sharing this with Index Coop’s community.
Fast forward to now, Index Coop has not been able to bring products to market quickly and Set Labs has been flagging engineering/developer workload as a concern. What is abundantly clear, is engineering work scopes flow through a Set Labs process which determines what gets prioritised.
The recent launch of TokenSets on Polygon is a clear example of Set Labs with holding information from the Index Coop community. To me this is a clear signal to the market that Set Labs is trying to kick start the individual trading platform initiative that failed to gain traction on L1. What this does is creates additional engineering/developer drain on the same few resources. Looking past the resource constraints, this is not very honest or transparent behaviour on Set Labs behalf given Index Coop products have been largely on pause and now BEDs listing coincides with post Polygon Launch 
Further to the above @setoshi frames Index Coop as a Customer. Not a partner, not a 28% owned subsidiary but as a Customer. If Set Labs was a contractor, then we would should have a contract in place with T&Cs - that is how traditional business conduct operations.
I am also concerned that this framing implies Set Labs will monetise the relationship with Index Coop. After-all, contractors are paid for a service and replaced when performance is suboptimal or expensive. This is the nature of customer / client relationship. A partnership is different, but Index Coop is the same as Ember Fund in this context.
Whilst on the broad topic of trust, appears Set Labs is selecting its words carefully and mis portraying the truth to no only Index Coop but to other major partners.
I would like to believe Set Labs but in light of the above concerns, I am finding it increasingly challenging to do so.