Note that the amounts of money involved here are not equal, companies respond to price movements and expected price volatility with less efficient behavior, so the volatility itself causes economic losses.

Like, there's a trade you can do where you load up an actual tanker with oil, park it, and sell an option to buy that oil. The cost of using this tanker and holding this oil a pure waste compared to just having a market-clearing quantity available at a consistent price at all times, but if the market is scared enough it makes money.