The only way one can reach this conclusion is by ignoring all the breaches / CVEs that happened in large companies during the past few years.
Nowadays I just assume every company is crap at security unless proven otherwise.
Yes, most companies are bad at security. Some aren't though. The problem right now is figuring out which ones are - there's very little signal.
We all know it is very uncommon to do a great job. Everyone has been breached sooner or later. Any anyone who has worked in engineering or security in tech companies knows how often security concerns are underprioritized far behind more visible but less important work.
Hedging is a good answer. Relying on a single point of failure that, if it ever fails open, will expose everything at once? Not a smart idea.