> [2] it becomes rapidly less fine when the company essentially has a monopoly over a system requires to participate in modern life, but that's a different topic...

That's the real thing here. Concentrated power is scary-- whether it's the federal government, Visa/Mastercard, Google, etc.

At least power concentrated under the control of a government might be held accountable to the people. With private, concentrated power: fat chance.

I'm working on making it a thing, but my theory is that power can't be destroyed, merely transferred, and in most cases I'd rather have the power be vested in a democratic government.