This is what happens when the repercussions for poor performance/failure is more money. Privatization, with some regulations, and reduction of monopolies, seems like a good idea. But, the system will never choose to harm itself.
Just go look at the RFPs and responses each municipality has four expansion of their current system. It is all outsource to private industry, at great cost compared to doing it inside government.
If you look at the entities that have actually managed to get stuff like this done (which is something most developed countries around the world manage), it's not private industries, it's governments - but governments that were enabled and trusted to build-up effective in-house teams for doing large projects.
0: two lanes of traffic each way and an 8-lane stroad for >$2B instead of fixing the 3-lanes-each-way viaduct for $1B