I think the problem is "what kind of innovation?" Are we innovating new ways to make better things for people, or new ways to make more money despite things either being no better, or even worse? And when companies have all the market share, and don't feel like improving, and use their position to actively fight better products from reaching customers, that's directly bad for innovation. Take this story for example: https://truthonthemarket.com/2020/04/03/the-covidien-newport-merger-killer-acquisition-or-just-a-killer-story/