Its not if the absolut number of worlds payload is not that much and unironically Space-X made it A LOT cheaper. So they took the market, reduced the size of the market.

Over a 100 launches a year, most of them for starlink doesn't sell you the valuation the company currently has. And they have to keep sending up starlink satelites just for renewale of the existing ones. This blocks Space-X of having good margins on it. A normal telecom provider builds a fiber underground and a tower and that stuff just stays there for ages.

And yes you know what happened when people realized this is a thing? Yeah more companies are going into the market. Check out how many will aunch their first rockets in 2027.