I believe he’s saying that adding this flavor of open banking regulation, on top of the others, further entrenches the incumbents, meaning the situation is not identical as future unwinding of these defenses will have more work to do. In addition, the “open banking” would be implemented in a less than ideal way from the perspective of consumers and squander an opportunity to meaningfully improve retail banking and third party retail financial tools. So the situation would not be as patly identical as you present it.

I find it hard to believe that the current situation could get any worse for consumers.