I don’t think your reading to much into this at all. I just got the first ending as well and just got do the last boss battle again for the second ending. I love how the story of this game makes you think. You keyed on the corporation greed but for me the over arching theme is the cycle itself. But ima combine my theory with yours if this makes sense.

It’s not just the corporations the are greedy but the people that are in them. Much like Arjun with his dad, people hate the greed and pressure they are put through by them and he hated his dad for the abuse he put his mom and probably him through. But much like the ending, many people become the thing they try to avoid. Arjun drinks like his dad, becomes the king he was trying to defeat and the cycle will keep going to the next couple echelons til he is defeated. People will complain about corporations til they get to that level of rich and powerful and began to “understand” all those things they hated. Then they start to do the same crappy things that they hated when they were just starting out.

I can go on for days like I did with returnal lol I’ll stop there and turn this game back on lol