This is called enshittification. Business behaves like with with the lack of regulations: https://news.ycombinator.com/item?id=41277484

Maybe it is today, but that's not how it's always been. The idea is that competition means the best product wins. But there's a lot it ways to degrade competition, not just monopolization. We're living in a lemon economy

There's never been any rule that the best product wins. Trivial example if I make RAM chips and give them away for free I'll lose.