Private companies are all over the place in the facist avant-garde (and this is very relevant today).
At least i can vote, inquiry and have theoretically have some means of insight and control into my state, because afaik i don't have these powers, not even in theory, for private megacorps (which in fact have quite much in common with states).
This is an argument beyond dystopian. Yes, governments did a lot of bad things in the past (and some are still doing this), but a future, where e.g. the government is only a bunch of companies that would probably really dystopian.
You see already a difference between the USA and e.g. Germany. We have decent healthcare, decent public education, a lot of consumer protection, (Hello DSGVO!). If it would even go further, you would have a country where are no unions& employee rights, no consumer protection laws, absolutely nothing, total surveillance.
Saying that a government is less trustworthy than e.g. FAANG is really a hyperbole
At least you can vote governments out