> The world is a graveyard littered with startups that thought this way. One of the consequences of wealth concentration and monopolies is that it is insufficient to be better than your competitors because your customers are also incompetent.

It's less that and more that governments and bureaucrats are corrupted to create barriers tot the market and to turn a blind eye to anti competitive behavior and outright illegal practices. For example huge banking corporations have been caught laundering money for drug cartels and got away with fines -- if your fintech startup tried that on, you would never see the outside of a prison cell.