That nearly happened - it's why OpenAI didn't release open weight models past GPT2, and it's why Google didn't release anything useful built on Transformers despite having invented the architecture.
If we lived in the world today, LLMs would be available only to a small, elite and impossibly well funded class of people. Google and OpenAI would solely get to decide who could explore this new world with them.
I think that would suck.