The concern is less about traffic interception and more about being able to sever / significantly undermine a country's ability to communicate during, for instance, time of war. This is also largely where the 5G infra concerns come from.
Few and big backbones are responsable for almost all traffic. Few and big CDNs serving most of the contents that are used by everybody. Even few apps are "essential" for daily life.
Big money was/is created when internet become business as usual: few and big corps taking the biggest share.