I think some inefficiencies are important, especially when scoped to "who can do this thing the cheapest?"

To add a bit, the importance of some inefficiencies are lost when viewed strictly through an investor lens. E.g., investigative journalism is expensive and largely inefficient regarding the profitability of a newspaper. Redundant inventory/equipment is largely inefficient until low-probability events effect supply. Small businesses may be inefficient but provide economic stability to a non-urban center etc. etc.