I’d estimate the total global HFT revenue to be 100 billion dollars a year, which is less than Apple and a tiny percentage of all big tech combined.
Though admittedly the former have turned into pocket attention black holes (and enragement/slot machines) and Apple itself created the scourge of public Facetime calls.
But it would be interesting to see some quantitative data on the effect.
Increasing volatility and enabling fast algorithmic trading may not be good things overall, even if some traders benefit.
And as I noted, if you care about fairness in an online game, usually you try to remove the penalty effects from long ping times (or the bonus effects from short ping.)