I like to think of it from the point of network effects. So from the point that if your business makes more money by more connections then you can see how this

I like to think of it from the point of network effects. So from the point that if your business makes more money by more connections then you can see how this explodes into a natural monopoly. Be that by something like operating costs are cheaper per connection via more efficient routing or more direct in just simply $/connection. It's definitely a (very) naive model but I think it can be useful and at least helps understand how there is such a thing as a "natural monopoly". It also applies to the classic Silicon Valley model. You operate at a loss in the beginning because you are hyper focused on growing nodes and connections. Once you have sufficient size your whole business structure changes, being able to leverage the network effects (including your competitor's now lack of network). A good example of a network effect is social media. No one joins a platform because no one is there. No one leaves a platform, even if they hate it, because everyone is there. In a world where we've made scale so critical, natural monopolies are going to proliferate.