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It doesn't eliminate it, just eliminates the ability to realize it 100% up front. Now, it has to be amortized over five years for domestic companies, 15 years for foreign companies.

I can’t imagine this would be an issue for a trillion dollar company

Section 174 usually is more of an issue for smaller/private companies. On the contrary, when I worked for a bigger company, we specifically tried to capitalize as much software development costs as possible, because it makes the company look more profitable. We (all of the software engineers) hated this because, for an internet-facing company that does continuous deployment, bucketing "new work" into CapEx vs "maintenance" into OpEx is nearly impossible when you're just adding new features to an existing product over time.

I wondered about this as well.

Another article I ran across: https://blog.pragmaticengineer.com/section-174/

Worse change in startup history while we are in an high borrowing rate in an inflationary environment with limited capital.