We should instead cap how much processing power these companies can accumulate per year, so the rest of us can have affordable devices and opportunities.
An alternative, specially because AI isn't regulated to oblivion yet: just don't use OpenAI. Vote with your wallet. That's it. There's no need to "cap how much processing power these companies can accumulate".
If you are right in your hypothesis, more people will agree with you simply because people in general are smart, and OpenAI will die a natural death.
For using the phones for all tasks formerly accomplished with PCs - people reduced significantly their use and purchase of PCs and replaced them with phones and sometimes tablets. There's nothing "insane" about it, it's a well known fact.
Another well known fact is Altman's promises of AI abundance, that should have been the result for RAM, GPUs and all hardware too. However, not quite unexpectedly, we quickly got the bait and switch instead, we're now supposed to sacrifice ourselves for AI, because look "it knows some math". This is what's insane.
The frontier labs are running a scalping operation on the hardware market, they front run it with large orders depriving potential competitors from reasonably priced hardware and, at the same time, selling that same hardware in the form of premium services back to those who don't have it.
If there's a solution to this mess, it's investment in more fabs, more hardware, more chip-making companies, as it is, the market for chips is highly monopolized and that creates existential and national security risks. More funding for AI is only wasting money on overpriced hardware and energy infrastructure, now is the time to redirect that funding into creating multiple competitive makers of both categories. This is what a properly functioning market would do.