I don't think you are overstating it. They have achieved massive amounts everywhere and swiftly wipe out entire companies with ease. But on the other hand, they deliver products that are simply much better than what they replace. Apple completely obsoleted Tile with AirTags, but the airtags work so much better and users are better off for having them.
Are we really better off having competition for competitions sake rather than looking at what delivers the best outcome? Is there any value in preserving the business models of lesser products which are unable to compete on quality and features? Many of these businesses are on shaky ground anyway. BNPL companies are in a dire situation where almost every other financial institution such as banks, paypal, etc all copying their very easy to copy product.
Are we really better off having competition for competitions sake rather than looking at what delivers the best outcome? Is there any value in preserving the business models of lesser products which are unable to compete on quality and features? Many of these businesses are on shaky ground anyway. BNPL companies are in a dire situation where almost every other financial institution such as banks, paypal, etc all copying their very easy to copy product.