Precisely. Much of the "innovations" and "efficiencies" touted (by Amazon and by many other players) are actually not any material/physical/technical improvements, but financial games, buying competitors, operating at a loss, regulatory evasion, monopolisation, etc.

I mean, business/financial innovation is a legitimate kind of innovation. I'm not harping on Amazon for that. I just think that discussions about "loss of innovation" smuggle in some irrational fears about loss of technology when there are no real reasons to.

Right. I wonder how much competition Amazon has eliminated over the years with their shady business practices. That competition may have driven innovation even further.