Capital has been incredibly cheap for a decade or so yet we've seen consolidation in most markets as opposed to increased competition, for a large parts because

Capital has been incredibly cheap for a decade or so yet we've seen consolidation in most markets as opposed to increased competition, for a large parts because it was incredibly cheap to buy out your competitors, and it allowed blitzscaling practices. If capital is expensive, being a good business with profits becomes a competitive advantage again, so I expect more competitors in the long term.