Incumbents reinforce their moats through labyrinthine regulation (and bribery?) and are smarter than their predecessors in adapting to newer technologies.
They still get hauled in front of Congress, but it doesn't seem to matter much nor affect their business.
Everyone likes to say this, and sure, lobbying is a thing. But I doubt 99 percent of the people saying this can produce evidence of wide-scale bribes and corruption at the Federal level which could justify them saying it as often as they do.
And being on the payroll is played very differently now: consider the Pelosi family investment strategy as it relates to big tech. Bribes are not required to get paid.