Efficiency is a relative term. Let's say a company is good at what it does, but then becomes a monopoly that can dictate unfavorable terms and capture the surplus, was it an efficiency gain on the whole? Let's say companies do very well, but deplete natural resources and lobby against infrastructure projects, did society gain as a result? These questions are naturally difficult to answer but there's at least more to the story than just the inductive reasoning of creative destruction fixing everything. Less efficient actors getting booted out is only a small part of the process as usually the consequences are on the second order range.