A "mature and competitive field" is going to already have all low-hanging fruit taken and implemented. The moat is operational efficiency. The barrier to entry

A "mature and competitive field" is going to already have all low-hanging fruit taken and implemented. The moat is operational efficiency. The barrier to entry is the high costs of investment and general lack of access to know-how. Not every industry is like software/tech. And the tech industry is already moving towards a "mature and competitive field" model. Otherwise why is Google and Meta cutting all their unnecessary spending and touting efficiency over growth? (besides AI tech, I suppose) Why all the layoffs?