This seems to be a case of the market working as intended.

The are making risky plays to establish monopoly but the market actually doesn't reward that unless the government helps to solidify those monopolies.

Thus they use billions with this strategy.

Its questionable if the consumers are hurt, as basically SoftBank is subsidizing the consumers.

Now one can argue that in this process society is hurt in some more subtle ways. But that's hard to quantity. And we also get decent netflix shows out of all that wasted investment.