Isn’t that a prerequisite for enshitification? Publicly-traded companies are required (by law, I think) to maximize profits for their shareholders, even if that means utterly ruining their original product (Reddit, Boeing, etc.), yes? What do you think?
I think the real root cause is governments allowing corporations to grow so large that any competitive effects are removed. In the absense of real regulation there’s no way for competition to occur, allowing corporations to squeeze every dime they can from their customers.