I mean, if you did say that, you'd have a point. It would be smaller than claimed, but there really was an untapped market opportunity.
You can go to Amazon right now and buy cheap ebooks from self-published authors who obviously haven't had any editing done. The quality of writing in these is so poor that I've stopped being willing to buy self-published books, but the books do make sales. Completely eliminating the overhead costs of editing (because you don't do it) and publishing (because that's now cheap enough to be free) has opened up a market for low-price, low-quality stories.