Red hat owns the trademarks as fedora isn’t a real legal entity. Red hat employees also hold most spots in the council, and financially support the project. The council spots are voted upon so they don’t have to be red hatters that’s just who we chose.

While yes red hat may try something like that, they also maintain lots of packages and develop technologies that fedora uses, so fedora is still benefiting from said arrangement. It is a trade off here, but I would argue it’s more than worth it as it’s better to be free qa and get decent software than not be anybody’s qa but either not have or have poor quality software.

Fedora is a community distro. Red hat just contributes a lot.