What drives the high cellular prices in the United States? Is it regulation? Infrastructure cost? Lack of competition? I don't buy the lack of competition argu

What drives the high cellular prices in the United States? Is it regulation? Infrastructure cost? Lack of competition? I don't buy the lack of competition argument honestly. Cellular data is a commodity. Cell towers are not exactly a utility to the extent that optical fiber/coax is. If there was margin to be exploited, capital would have flowed in to take advantage. But it's likely that the risk adjusted return in the cellular business is already too low to attract more players and drive down costs without a significant technology moat.