Honestly, do any companies improve in the long term when going public? It seems like the business model is always to make short term profits and then slowly (or in some cases quickly) die about.
Apple, Google, Facebook, Microsoft (especially recently), Nintendo, Tesla, etc.
The IPO is a statement to investors that the company believes it will grow bigger and seeks public market funds to accelerate growth. That doesn't always happen.
Some companies and investors see the IPO as merely a liquidity event, which is the wrong perspective to take. SPACs were clearly being abused for this.
Also Microsoft went public almost 4 decades ago, apple went public over 4 decades ago, the landscape looked a bit different there.
Microsoft - Ruining Windows to extract more value from customers.
Facebook - hardly anything even needs to be said here.
Google - slowly getting worse and rotting away.
Tesla - I’m a bit neutral here. Tesla has its problems, but it’s not clear that they used it be amazing and now are just trying to extract money from users.
But in fairness to Apple, the Mac marked a point where they overtly wanted to ditch their (then) current customer demographic and switch to an entirely different customer demographic. Which they successfully pulled off. And they do seem to be giving those people what they want, they just don't want the likes of us.
But, back to the topic, I consider Apple to be an example of a company going public and having an excellent product ruined as a result.