Yes, the moat is disappearing. Go look at any stock index of publicly traded saas companies, they have all been selling off 50% in the last six months. This is going to be a bloodbath
Company: 6 month change:
============================
Palantir: +20%
Salesforce: -9%
Shopify: +40%
Intuit: -26%
ServiceNow: -30%
Adobe: -17%
CrowdStrike: -1.5%
Snowflake: -3%
Cloudflare: 0%
Autodesk: -9%
Except for the token cost maybe.
If a superior product launches without marketing, it will not get a single customer; it's incredibly hard to spread through word of mouth these days... With paid advertising, you end up paying Facebook inflated CPC to get bot traffic!