If you mean “the real system first described as ‘capitalism’”, no, it doesn’t.
If you mean “the abstract, never realized ‘ideal’ system that defenders of capitalism appeal to whenever criticism is levelled at real-world capitalism”, that's harder to assess since the descriptions of that system tend to be both internally inconsistent and incomplete. But nothing usually hear in those encourages competition, usually it's defenders just assert as an article of faith that restriction of competition requires active cooperation of government.
The Sprint/T-Mobile merger that was proposed a decade ago was denied by the FTC. The recent merger was allowed by the FTC, thus reducing our number of cellular companies.
https://fortune.com/2021/03/04/dish-5g-mobile-cheapest-servi...
Even the article you posted mentions this in the headline. I have no idea why you feel the need to be so disingenuous.
1) I also once changed my privacy preferences, but have since been opted back in. 2) I wouldn't have even known to check were it not for Hacker News, which is _not_ how I, nor hopefully anyone, would want to be notified of changes to my/their T-Mobile account. 3) I'm greeted with a generic "Update Operation Failed" when I try to opt any of the lines on my account back out, so now I have even less faith that my changes will stick.