I have been reading a lot of criticism of PE here at HN, with similar arguments as TFA. In the case of small companies - vet offices, medical practices, etc - it is usually claimed that a PE acquisition enforces a bunch of changes that are ultimely detrimental to the end product, like quality of care. However, if that's the case, shouldn't we see non-PE companies flourish in competition? Or PE firms emerging that respect the end product at the expense of short term profits?

I understand why enshittification and all these others process's occur when you have a monopoly or a large market share. I fail to see why it should not be punished by the market when applied to easily disruptable sectors.