This monopoly right is roughly equivalent to a bond (it is a bond in the archaic sense of "law"), given by the Falklands government to the satellite company, in exchange for the satellite infrastructure. The Bond's "coupon" isn't precisely fixed; it's the revenue that the company makes from its customers. To dissolve the monopoly would be roughly to default on this bond.

You can imagine an alternate timeline in which the Falklands literally sold bonds to finance this infrastructure. They would have sold bonds; the proceeds would have paid for the satellites; tax dollars (rather than subscription dollars) would then go to service the bond.

The core problem is that the infrastructure just isn't as valuable as people thought it would be, as a result of technological disruption.

There is probably value in the Falklands maintaining some infrastructure of its own for reasons of national autonomy. If they destroy this national monopoly, they'll be left dependent on a Starlink monopoly, over which they have even less control.

They should probably split the difference: Remove the monopoly, subsidize the company with tax revenue to keep it alive, and allow people to use Starlink if they want. This is a "partial default", but it doesn't totally screw anyone, and it looks out for their own autonomy.