Bezos was actually concerned about quick iteration. They had a smaller rocket planned but because of SpaceX success they wanted to 1-up SpaceX and build an even bigger rocket. So they wet with the New Glenn design that is now public. That of course went away from their 'step by step' approach but Bezos wanted to 1-up Musk.

However they announced it and 2 years later realized that they were hopelessly behind schedule so they waited until the last possible second to move it back by 3 years.

The problem is of course that SpaceX already has a bigger rocket, Falcon Heavy. SpaceX next generation rocket is making far faster progress then New Glenn and is far more capable.

New Glenn will be incredibly expensive and if they don't land it on the first try, they are gone have serious issues because they can't build these rockets very fast. Even if they manage to hit their launch date, their flight rate will be incredibly low for years.

At this point, no matter what kind of money Blue has, they can not match SpaceX in team and ability to invest in future technology. Elon started with less 100M and built a 74 billion market cap company out of it that is dominating space industry and is only increasing it dominance over time. They dominate the launch market, the are running away with sat internet, they have every possible NASA service contract, they have been selected as a military launch provider and they are even starting to make inroads into building military sats.

At the same time Bezos has thrown 5-10 billion $ into a company that is worth very little and has no clear path to actually making money anytime soon. In fact, its hard to see how they would ever make that money back.

If you want to make the argument that in 10 years BO is some juggernaut, I would seriously want an explanation on how they are gone do it.