Handmade Hunt focuses on understanding ecommerce marketplaces. They found that the more interesting shops are the ones making items by hand or selling very unique and low-quantity products.
Their view is that Etsy is not about becoming the top retailer (Etsy shops are rarely retailers in the first place). They even wrote an article on this "Top Shops on Etsy Are Not the Most Interesting". Which at first glance is not flattering but actually explains in more detail that Etsy is about small shops offering products they care about and love to make.