Budget pressure: Mailgun starts at $35/mo. If that's too steep, SendGrid (Twilio) offer free tiers. The cheapest option isn't always the best — but neither is overpaying.
Feature mismatch: Mailgun's strengths are powerful api and flexible pricing. If you need something it doesn't do well — pricing changed recently — one of these alternatives fills that gap.
Scale: What works at 1,000 subscribers may not work at 50,000. Re-evaluate your platform as your list grows — pricing and feature needs change faster than most people plan for.