Yes. Software is a low-capital business and many people in tech don't want to believe it.

A few offices, macbooks, and data center space is very cheap compared to building a manufacturing plant.

On the other side, what tech people understand that the general public does not... is that software has a healthy dose of maintenance and operational costs when it scales. Not a massive cost, but higher than zero - which is what most MBAs think the maintenance cost is.