In a way, its kind of cool to see how robber barons work in real time in our generation. Its also insanely depressing as they will systematically enshittify and extract as much wealth from society as is possible.
The New Deal happened with massive popular support because people did not like the Barons, and wanted to stop them and actually have a life worth living.
It only took like 30 years of suffering.
Broadly, your point is still valid, though. Just a mild inaccuracy between the Gilded Age and the roaring 20s.