The main thing is that what Bezos and especially Branson have built is a technological dead end. In order to make something that can actually reach orbit, Virgin Galactic is basically going to have to scrap everything they've done, and start from square one (Blue origin might be in a bit better place, but really hasn't accomplished anything yet after decades).
The only thing it may make cheaper is suborbital flights, which are essentially useless. You can't even launch satellites that low. So there's essentially no practical purpose for their tech, and their companies, besides bragging rights for rich guys.
A lousy metaphor we could use here is that in a world of automobiles, Bezos and especially Branson decided to research horses. It's not a very good metaphor - maybe a better one is someone trying a new entrant in the floppy disk category in 2021. Much like "Zip Drives" were able to make contemporarily larger floppy drives in their day (100mb instead of 1.3mb), you likely could make very good "modern" floppies in 2021, measuring in hundreds of gb, but they would still possess the fundamental flaws of the medium (being so easy to damage), and you simply couldn't get away from that. We abandoned it as a technological dead end for a reason.
They achieved something we already have the tech to do; the only thing that's special is that they paid for it all by themselves.
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Musk, on the other hand, has two feathers in his cap - the first is that they're working on tech that's already fundamentally useful and "has room to grow" in incremental improvement. Getting to orbit is fundamentally useful (it's the tipping point where you can start to do satellites, and even extra-terrestrial trips); and pouring R&D into making that cheaper is very helpful for humanity.
The other feather he's got in his cap is that the company he founded didn't just do some piddly "incremental improvements" that shaved a little bit off the cost of launch. We'd all be cheering if they'd shaved, oh, 10% of the cost away. That would be really good for humanity.
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But no.
They went so far above and beyond that it's absolutely daffy duck. They won the lottery. They didn't roll a natural 20; they rolled a d20 and the dice face on top said "50 million".
They invented reusable rockets - which everyone, including all the government space agencies, had written off as permanently impractical. The cost comparisons are just nuts — The cost of a space shuttle launch is something like 0.5-1.5 billion dollars. A similar launch from space x is something like, pessimistically, a few hundred thousand. It's like FIVE ORDERS OF MAGNITUDE. This is my first "allcaps" on HN, but it needs the emphasis. The thing that Musk's company (really; folks like Gwynne Shotwell deserve core credit here) did was a quantum leap that honestly - nobody else might have had the political capital to do. We might have gotten this a century earlier than an alternate timeline without him precisely because of the stupidity of "allocation of funding" - there's no practical reason why a government agency couldn't have done this; it's all social dynamics and groupthink.
It singlehandedly makes a lot of crazy, impractical things (like solar panels in space to solve terrestrial power problems) tip from pure fantasy into "gosh, maybe we could actually do this?" He's already rolling out Starlink, but there are an awful lot of really helpful things for real, contemporary problems on earth that "cheap space launches" could solve.
"One of these is not like the others."