When a PowerApps managed application is installed from appsource in a customer's tenant, the solution remains uneditable and protected.

But when in dataverse (in the customer's tenant where the managed solution has been installed), an unmanaged solution is created and the managed application installed from appsource is included in this solution, then the managed solution becomes editable and all the code is accessible.

At this point, the solution can be exported and duplicated, losing the intellectual property protection.

From the point of view of an ISV developer, it is necessary that the managed application always remains protected, not being editable or exportable.