The market is supposed to do that. Once an opportunity is identified there is a rush to compete and margin disappears, so the people still get the new, better thing, but for much cheaper.

What can happen though is that companies figure out how to prevent meaningful competition to preserve high margins. They're worth millions for the innovation but they get to billions through anti-competitive and extractive practices.

Most things don't behave like pure commodities regardless of anything that can be considered monopolistic.