It does seem that many of the business models were really just regulatory arbitrage, but were presented as some fundamental innovation. It also seems that they

It does seem that many of the business models were really just regulatory arbitrage, but were presented as some fundamental innovation. It also seems that they fooled some investors into believing hyper growth that was fueled with negative unit economics would eventually lead to a monopoly market position, maybe some will...but I doubt it as the barrier of entry is to low an the "network effect" that was believed make the monopoly quasi-permanent doesn't seem to exist for most industries.