That is certainly a contributing factor, which Matt Stoller has documented robustly in his newsletter "Big" [1] [2], as well as the More Perfect Union org [3] [4].

[1] https://www.thebignewsletter.com/

[2] https://news.ycombinator.com/from?site=thebignewsletter.com

[3] https://perfectunion.us/

[4] https://substack.perfectunion.us/