This is very accurate. It is extremely costly for companies to have an IPO. The regulatory burden is very high for publicly traded companies.
A history of financial laws designed to protect consumers has actually reduced the number of investment opportunities except for ultra-rich people.
Look up the definition of 'qualified investor' from the Securities Act of 1933. It prevents people below a threshold of wealth from being able to invest in certain things.
Similarly, based on my own experience having worked with proprietary trading outfits in the past, the FATCA laws just caused European banks to no longer want to do business with Americans which reduced the number of available investment opportunities again.