Competence you can argue, but there is no guarantee that any company is more aligned with _the public as a whole_ than an elected government. It may turn out that they are in particular cases, but elections remain a real means for public to control governments that doesn't apply to companies.
In truth, a government also depends on its voters, and a company also depends on its customers. But none of this what I'm talking about. I'm talking about governments implementing FORCE on corporations because they're big enough to be heard and seen and to challenge them. Is that good? Why?
Take a country like Russia where only what Putin says matters, everyone else is his pawn, even if on paper they may be billionaires holding big companies. Is that an improvement over having genuine corporate voices making their point?
Corporations don't have a voice, and large shareholders usually get more than their fair share of attention.
Russia is not a democracy so your premise is flawed from the start.
In a rule of law country, governments can't just push around companies at a whim. That's the basis of Disney vs De Santis: https://www.reuters.com/world/us/florida-board-may-ban-disne...
If you're convinced, for some silly reason, that you live in a legit republic, I recommend researching how a banana republic operates, or say Russia, which is also a democracy & a republic on paper, and learn how every single procedure and institution is subverted and behind the decorum, the rulers are doing whatever they want, basically.
And once you do this... look back to your country with new eyes, and you'll be shocked. It's the same thing. But with more make-up on.