That may have been true in the past, but in the last 30 years I've watched a lot of companies that should have outright failed because they were terribly managed get a few dumptruck loads of taxpayer money to keep them afloat.
We're well past the stage of "if they fuck themselves, let them fail" and deep into "If you're not going to buy their shit, we'll just take them money straight out of your paycheck"

Let the normies use enshittified services.

My prediction is that those with know how will make their own web ... like back in the days of usenet.