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> far worse because of how monopolies inevitably stagnate

Unregulated monopolies do, but regulated ones can be forced to innovate, both according to a plan, or through a process that internalises competition at the places where impact would be maximised (instead of multiple groups arriving at the same solution in secrecy, multiple groups exploring different possibilities while communicating between them and coordinating their efforts to avoid duplication).

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Do you have any examples? I can't think of a single regulated monopoly that innovates effectively without outside forces.

For example some countries that have regulated monopolies can allow in small amounts of foreign products to motivate their own state sponsored companies, but without that and assuming its not something relatively straightforward like a utility or an oil company, I'm not aware of any that innovate effectively.

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