I think this is actually a natural market cycle you see across all industries.
New entrant offers incredible product or service, customers rejoice.
Competing products, pale. De facto monopoly is established.
Time passed, maybe a new board and CEO, maybe not.
The now monopoly starts exploiting their dominant position by charging more for worse quality. For some time the monopoly will act as a moat for this behavior.
Customers no longer like the incumbent and a gap is opened that other companies and startups can attempt to shoot through.
Once one succeeds the cycle starts over.
Since someone pointed out this pattern to me I've tried to notice companies that don't follow it. It seems pretty common. Overall though, products and services in the market are still often good. You just have to be careful to buy them from the company that is still rising rather than the declining monopoly.
Look at airlines. Customers bitch about service but then always buy the cheapest ticket.
Same with consumer goods. Sure some consumers will pay more, but if two brands with exist, one lasts 10 years, one 7 years but the 2nd is 20% cheaper, most people will opt for it.
New entrant offers incredible product or service, customers rejoice.
Competing products, pale. De facto monopoly is established.
Time passed, maybe a new board and CEO, maybe not.
The now monopoly starts exploiting their dominant position by charging more for worse quality. For some time the monopoly will act as a moat for this behavior.
Customers no longer like the incumbent and a gap is opened that other companies and startups can attempt to shoot through.
Once one succeeds the cycle starts over.
Since someone pointed out this pattern to me I've tried to notice companies that don't follow it. It seems pretty common. Overall though, products and services in the market are still often good. You just have to be careful to buy them from the company that is still rising rather than the declining monopoly.