This is the correct answer. The same is playing out in so many other industries; the big players don't bother innovating anymore, it's easier to make more money by buying out their smaller competitors and essentially killing them by subsuming them.

Consumers have fewer and fewer real options for anything, everything costs more and more (the majority of current inflation is actually driven by execs realizing they can just raise prices and blame it on the "economy"), and the quality of everything is going down because why bother with quality when the goal is to make more money?

"But the free markets will solve this! A company making a better product will win over consumers!", the market liberal says. "Oh, a competitor! We can't have that, let's buy them and make sure they can't affect our bottom line" says the megacorp, and before you know it the "superior option" will have disappeared because producing it was 15% more expensive than producing shit.