That means the US government directly controls which projects live and die, simply because they control the purse. Most space endeavors don't require this scale of money, and even a small token of innovation incentives can often result in outsized societal benefits. Even for SpaceX to just think about the Starship program, they literally had to corner the global orbital launch market for nearly a decade to come.
While I do agree that Boeing is a money-pit due to their involvement with SLS, I still wouldn't put Virgin or Blue Origin in anywhere close to that bucket. While these two might not be as incredibly innovative and capital efficient as SpaceX, they're still orders of magnitude better than anything like the SLS, Boeing, Lockheed Martin, and others that are considered "old space".
China is pouring an absurd amount of its own money through thinly guised military development arms, and they're excelling at it. It's truly a shame that the US cut them off from the ISS, and its even more detrimental that the rest of the world has not paid close enough attention to their efforts. They're about the only player that's even close to competing with anything like SpaceX.
I wouldn't put India in the same club as China either. India has done extremely well at making cheap reliable orbital class launch vehicles by cost cutting and incremental improvements. Once SpaceX comes to the scene, they will be obsolete. They do not have the public appetite to invest the scale of money required to build programs the likes of US & China can build.
Russia meanwhile seems obsessed with trampolines.