That is my point, though. You want something hard, something that requires actual money, effort, infrastructure, and lobbying. That in itself is the moat. As software developers, we have been lulled into this entirely unrealistic mode of thinking that extremely profitable products do not have to be expensive or high effort to bring to market.

That is exactly why vultures like LLM hustlers find their opening. There is a reason you do not see fly-by-night LLM hucksters selling medical insurance or devices, not because they cannot do the job of building the thing itself, but because the surrounding moat is too high for them to clear.