It's interesting that this article uses the restaurant industry as an example, because it is rife with examples of restaurants that debut to acclaim, enshittify their offerings, and then go out of business as their clientele evaporates. How many software products have gone the same route? How many were initially good, bolted on too many unwanted features, ignored their core audience, and ultimately lost their users to the next big thing?
It seems like something is missing in this fellows theory, and the answer is fair competition. Pizzaria's don't sell cardboard discs for $300 precisely because they become the worst pizza in town long before reaching that point. Restaurants that stay in business long-term are forced to limit their impulse to seek greater profits. They must maintain a level of quality that lets them remain competitive. That's a hard limit imposed by the market. Many choose to dance around on the boundaries of this limit. It's profitable, but risky. If you go too far and consumers abandon you, you can't just improve your product a little and expect them to flock back.
This is why big tech companies love to buy out, lobby against, and otherwise disrupt or obliterate their competitors. Competition is what places limits on profit-seeking enshitification. If you can establish a monopoly then you can enshittify to your heart's content. e.g. Google.