The thing you are missing is that the first mover is not making a bad investment. They get 100% of the willing customers. A second mover really only has a chan

The thing you are missing is that the first mover is not making a bad investment. They get 100% of the willing customers. A second mover really only has a chance of getting 50% of the market. But it still has to build a network that services 100%. A third mover really only has a chance of getting 33%, but has to service 100%. The first mover doesn't get subsidies, they just get 100% of the market. The second mover likely can't be profitable. The first mover will match or beat their prices.