And yet we have no more mastodons, dinosaurs, trilobites, ... Stuff still goes extinct, it's just a lot slower with cows than with molecules.
I think you're just failing to grasp the sheer numbers involved here: there are probably around 10^9 cow-like critters and they interact with other, competing critters every, let's say, 10^4 seconds, with the odds of any one of these interactions being fatal being, again, let's say 1 in 10^4. By comparison, there were probably something like 10^37 (if I counted my orders of magnitude right) biomolecules interacting every 10^-6 seconds where every time some new chemical "A-ha!" moment occurred, that reaction now became 1000x more favorable than any other competing reaction. That's like, what, 41 orders of magnitude; even if I'm off by 10+ orders of magnitude, there was just a whole lot more selective pressure going on during the pre-biotic era. Less favorable chemical pathways were outcompeted on scales so vast you'd need trillions of cow-years to approximate how de-de-de-deselected-for they were.