One key difference I see is that GIPHY is clearly either uploading or categorizing/tagging/grouping pretty obviously copyrighted stuff and is doing so under their own name "team giphy." That's a huge risk because it probably breaches the copyright safe-harbor under DMCA.
If you get your business very large very quick, you can pay off settlements and regulations. This is sort of what Uber has been doing, from what I've come to understand.