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Dull Men's Club
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It's pretty likely that the TV price is not subsidized. They might just want to squeeze as much money out of you as possible.
I looked up some publicly available Vizio (Walmart) financial presentations. For Q3 2024, their "Device" sales lost money (and that's counting soundbars, which are presumably sold at a profit). They seem to be going all in on whatever cursed thing they call "Platform +".
Note that this is gross profit, i.e revenue minus cost of goods, but not all the overhead from logistics, retail, corporate, etc.
Isn't Vizio like the cheapest brand? Or one of them, at least. Some of the most budget oriented brands might take that approach but I don't see others like Samsung, Sony or LG doing that (at least based on their prices).