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Once a company is big enough it's easy to destroy or buy out all competition.

Can you provide one single example of this having happened? I'm willing to believe it, I just haven't found one. Typical examples provided fall short of that claim.

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Standard Oil

"In 1904, Standard controlled 91 percent of production and 85 percent of final sales." https://en.wikipedia.org/wiki/Standard_Oil

Yes, and a few sentences later for context:

"Due to competition from other firms, their market share had gradually eroded to 70 percent by 1906 which was the year when the antitrust case was filed against Standard, and down to 64 percent by 1911 when Standard was ordered broken up"

Yes, Standard Oil is the typical example, which is why I remain unconvinced. They didn't "destroy or buy out all competition" (they had more than a hundred competitors), which is why - as joslin01 points out - their position of dominance was very short lived. And did they abuse that position by charging exorbitant prices? No, the evidence was that they had generally lowered them.

And finally, this little tidbit: "The dissolution had actually propelled Rockefeller's personal wealth." Hurray for the Sherman Act..?

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