Well, it depends. If all you were interested in was getting a "good" (e.g., short) name in .COM, no.

In the late 90s, when NSF allowed Network Solutions to charge for domain names, people complained that they (now Verisign) had a monopoly, so after a number of fine lunches and dinners in far off exotic places (see https://en.wikipedia.org/wiki/IAHC), there was a proposal to create more top-level domains, created the registry/registrar split, proposed the Uniform Dispute Resolution Policy (primarily for Intellectual Property owners), etc. Then, the US government stepped in and started a process that led to the creation of ICANN.

The whole point of this exercise was to introduce competition into the domain name system. It did with the registry/registrar split and tried with the registries by having multiple rounds of a limited number of new top-level domains. However, the latter was kind of stupid (IMHO): the switching costs for changing TLDs is way too high for the existence of new TLDs to significantly impact Verisign's monopoly -- instead, it created a bunch of monopolies.

However, people weren't happy with the "limited number" part of ICANN's efforts to introduce competition in the TLD space, so in 2012, the ICANN community (which anyone can be a part of) opened the flood gates, removed the arbitrary restrictions on how new top-level domains could be created, and we now have over 1500 TLDs.