But that would only make sense if Wikipedia created some sort of insurmountable barrier for newer, better information. It doesn't. Newer, better information can reach people through Wikipedia with just as much ease (provided it fits Wiki's publishing standards) as it would through any other platform.
For all intents and purposes, Wikipedia and other similar open and free general knowledge sources can (and perhaps should) be regarded as a public good. We don't complain that the government's monopoly on building public roads closes out competition to 'newer, better roads'. We recognize that these roads are vital public infrastructure. Platforms like Wikipedia should be no different.