It is of course true that some (bad) regulation, like protectionism of various sorts, can also lead to the same outcome in a different way.
On the other hand, we have the diminishing marginal utility of money - rich people overspend all the time, often on frivolous stuff. Musk bought an entire publicly traded company and crashed it on the way home, the way an upper middle class person might a shiny red Dodge Viper. One might say the VC ecosystem is chiefly 'dumb' money sloshing around trying to not be left out of the next big thing, while having no clue what that might be.
Talking about "completely unregulated" markets is also somewhat specious. In a completely ancap context, we'd likely get structures similar to governments, funded by wealthy people cooperating rather than continuing to compete in less-productive ways (say through physical force). In fact some might even say that this is the character of the current US government in a few different regards.
People who are well off have more opportunities to start other ventures that make them even more well-off, and if they're especially powerful, they can use that influence to further their benefit. I don't think that's particularly controversial.
Capital begets capital.