That approach is called the "fast follow" strategy in business vs. the "first mover" strategy. There are some advantages in fast follow vs. first mover but also

That approach is called the "fast follow" strategy in business vs. the "first mover" strategy. There are some advantages in fast follow vs. first mover but also some key disadvantages, especially in markets of winner-take-most, or when you need a large amount of capital and the early leaders generally take the haul. That being said, for bootstrap projects, side hustles, and other projects, I've really come around to your way of thinking. For those projects where being another alternative does have good economics, "copy first, innovate later" is a solid strategy.