[lukifer]

I think Metcalfe's Law [0] for networked services is a bigger driver for winner-take-all, than needing deep pockets to compete in a mature product category. For consumer products, a small number of large players can own entire market segments between them, but still compete with one another, as we see in other capital-intensive industries like cars or smartphones. (And it's fair to see that as its own problem; but it generally devolves to the question "if markets are universally the most efficient form of exchange, why are firms a thing?" [1].)

[0] https://en.wikipedia.org/wiki/Metcalfe%27s_law

[1] https://en.wikipedia.org/wiki/Theory_of_the_firm