This can be true, but also many of these companies are themselves essentially monopolies that also don't face market pressure - such as Visa, Comcast, etc.

You can say this is due to corporatism, which is often true as well, but gov't regulation is required for natural monopolies.

This is to avoid issues like the early railroad boom where they hugely overbuilt, a lot of them went under and/or eventually coalesced into a few monopolies, which needed regulation to prevent them squeezing their customers to death.

The best markets are sensibly regulated. It's a balance, not a binary.