The anvil: satellites can't serve most people in a densely populated area, whereas terrestrial wireless can be engineered and deployed to serve any population density, even tens of thousands of people in a stadium.
The hammer: electronics get cheaper faster when they don't have to be space grade, and electronics get cheaper faster than rockets. As they get cheaper, terrestrial wireless will be deployed in more areas that are uneconomical right now.
And that is how the satellite TAM gets slammed.
That's if everyone is trying to connect to the satellite. Would it be possible to have regional hubs that connect and distribute the connection via a local wireless link like 5G?
Every kind of network has the potential for congestion, it's just easier and much cheaper to engineer a terrestrial network to avoid congestion. There are congestion scenarios for satellite networks that are not solvable.
But, once you start having multiple towers near by, you are going to link those up terrestrially (wireless or not) and pretty soon you'll end up with terrestrial backhaul.
Traditional ISPs already have a nice network of copper and fiber optic cables. I don't think satellites offer any advantage to most people here, except for those living in an area with slow wired connections.
Or possibly viasat.