The competition exists, but it's basically just a few megacorporations in each industry. They're not fighting each other too hard.

There's a whole other group out there who argues that doing anything to stop the bottom panel is communism, and communism is bad and terrible (according to people who have never read anything about it except Ayn Rand). You'll have to fight with them over what constitutes "real capitalism".

I'll be over here noting the whole notion of profits going predominantly to the owner of capital is flawed to begin with.