To give some perspective on
@Not Who You Think's post, Pippa's collaborated with countless other people from all kinds of fields on-stream just to chat about whatever they happen to be interested in, and I doubt her thought process for working with Camelot went much further than "this guy seems funny, this could be a good stream". I doubted the stealth suspension theory at the time and it turned out to be incorrect given she was back to her regular stream schedule immediately, but she's had a "it's better to ask for forgiveness than permission" mantra for a long time - and given she's never had more than a slap on the wrist it seems like Phase are willing to turn a blind eye as long as she doesn't cause too much of a ruckus.
I'll admit I've mostly been following this from a distance as someone who regularly watches Pippa's streams so I apologise if I'm reiterating things that have already been covered, but knowing how Phase-Connect and the vtuber community as a whole works just proves that Nick and Camelot have been misrepresenting everything about the situation for the last few days. Out of all of the legitimate vtuber talent agencies, Phase are
by far the most lenient. Most other agencies at least take cues from more traditional idol companies with strict restrictions that forbid even discussing anything remotely controversial, so all of her streams where she's talked about bloodsports personalities, guns, 4chan etc. wouldn't fly anywhere else and would've probably been instant dismissals, rather than something she's been able to build off and benefit from.
Nick's seriously oversimplifying things when he suggests she'd do better if she left Phase and went independent on multiple levels. They take a cut of the talents' revenue (the exact percentage has never been confirmed, so any claims it's a significant cut have no basis), but in exchange for that they handle marketing them through advertisements and convention appearances, help them find sponsorships, and fund the upfront costs of merchandise which is a big revenue source for vtubers.
Pippa's also very close with some of the other girls within Phase (her and Tenma were friends before the company existed and they both applied together, and she clearly gets on well with others like Lia, Lumi etc.). If she left the company she'd have to sacrifice the Pippa persona and either go back to her old character Yuni Luna or make a new one, which would put her in a very awkward situation if she wanted to stream with her old friends who're still in the company, assuming they'd even be allowed to work with her in the first place. Her attachment to Phase isn't strictly a business thing, she has a very personal connection with it too.