Investing in companies with strategic advantages is much more profitable that trying to find the one commodity company out of thousands that are able to escape from the fires of intense competition.
Strategy is also how you avoid having to delight your customers to be profitable. Just get a new law passed that is inconvenient for your competitors to follow.
Delighting customers is also hard because people are unreasonable and unpredictable. Try selling an app. Even if your app adds lots of value over your competitor, people aren't used to spending money on apps. I would guess the vast majority of apps that make money play into people's addictions and get 1% of their users to buy pay-to-win items or custom skins for their players/items. Only the unreasonable people actually make these companies any money.