Exactly. I would go one farther and say that if there is no competition for 'an old idea' you are most likely in a lot of trouble. It's a common trope that engineers google ideas and then give up because there is already competition, while the business folk see $$$. The fact that there is competition usually means there are customers.

This space is growing a lot if Instagram and articles in popular publications are any indication. I'm honestly surprised no one has cracked this nut yet, even a few major companies have tried and nothing has worked at scale.