Eric Gilliam's "How did places like Bell Labs know how to ask the right questions?"
https://www.freaktakes.com/p/how-did-places-like-bell-labs-k... came to a similar conclusion. (It did well here just a couple of months ago, too
https://news.ycombinator.com/item?id=43295865 , so it is a little disappointing that the discussion seems to be starting from the beginning here again.) Another point which you've both made is that other big US firms had very important industrial research labs, too. (RCA Labs is one that seems to get little love these days, at least outside the pages of
We Were Burning https://www.hachettebookgroup.com/titles/bob-johnstone/we-we... Also, to be fair, "Areoform" did mention Xerox PARC once in TFA.) Indeed, overstating the uniqueness of Bell Labs helps to billow up the clouds of mystique, but it's probably harmful to a clear understanding of how it actually worked.
But the ultimate problem with TFA is that it seems to be written to portray venture capitalists(?), or at least this group of VCs who totally get it, as on the side of real innovation along with ... Bell Labs researchers(?) and Bell Labs executives(?) ... against the Permanent Managerial Class which has ruined everything. Such ideas have apparently been popular for a while, but I think we can agree that after the past year or two the joke isn't as funny as it used to be anymore.