I don't think it's capitalism that's the issue. After all, that's existed for hundreds of years and across so many countries.

This seems like a more narrow problem, where the goal of new companies is no longer "Build good product, acquire users, slowly and steadily grow", it's "Build a product, give it away for free at a loss for years, get millions in VC funding, sell your users out, destroy product while laughing to the bank to repeat the process". Seems to really have picked up in the past 20 years or so, and largely specific to the United States.