Oh no, if you want the cynical view of capitalism it's that the already rich create a rigged system in which they are able to exert disproportionate influence on the government and regulators that affect their ability to create and preserve their own wealth. They then use this influence to push weaker competitors out of the marketplace, eventually creating a single monopoly on an industry. Allowed to go to its conclusion, you replace political empires with financial rule.

That's just the short version. "free for all" is actually the optimistic view in my opinion. At least in a "free for all" metaphor you have the assumption of equal standing and "the strongest" winning.