On one level I agree with you, but the whole point of a corporate structure is to give a collective effort the legal identity of an individual so that administrative efficiency and profit can be maximized. It's no coincidence that virtually every stock-based corporation has a strictly hierarchical governance structure culminating in the office of a chief executive, notwithstanding the existence of boards and presidents. these chief executives are paid staggering amounts of money in return for managing the wealth and activities of the corporation productively.

Yet when we find examples of a large corporation creating a vicious circle with easily observable negative externalities, suddenly a corporation is a diffuse network of different products and market actors which is impossible to control, manage, or monitor, and whose activities must not be interfered with at the behest of regulators or the public itself, lest some intangible market equilibrium be disturbed.

It seems to me that this is an example of investors wishing to have their cake and eat it. Either they want the potential of high profits driven by a singular business vision...and which incurs responsibility for outcomes commensurate with the degree of executive authority available to the management, or they want a maximally free market of atomistic competition that is not subject to the whims of trusts, conglomerates and so on. Society cannot afford both options.