Yeah, but those companies were de facto monopolies created by their governments. When they no longer served their purposes, those governments stepped in, defanged them, and took over their operations. Those companies may have been larger in terms of net worth, but their relationship to government was fundamentally different.

This was more like a state sanctioned oligarchy, whereas this loophole kind of gives anyone a chance to start EIC if they find a niche, exploit and then expand. Beyond certain point you buy laws so that nobody else can copy your steps. Rinse and repeat. This should be stopped.