Pretty much. Rocketry isn't as fundamentally difficult as many people make out, and a lot of the stagnation in spaceflight is due to bureaucracy and excess risk aversion, not fundamentals. SpaceX had succeeded due not to being absurdly better at engineering, though they are good, but at striking the right balance of innovation, pragmatism, and risk.

Given that the primary lender and customer is the government, "commercially" is a stretch there.