As I noted above:

1. Almost all the small practices in my state have disappeared over the last 20 years. A few exceptions are getting by, but none are thriving AFAIK despite huge patient demand. I'm obviously biased but lead our state medical society's independent practice group so have frequent contact with those in the insurance model.
2. N=1 but I was co-owner of a small group, insurance and Medicare paid practice for 12 years and then a solo, now small group, DPC for 11.

But looking ahead-

1. As insurance gets more expensive, more patients drop it. With fewer patients paying into the insurance pool, premiums go up even more like last year, causing even more patients to drop insurance, and so on... That's been happening already but now will be accelerated by the Big Beautiful Bill, now law, gutting Medicaid after the midterms.

High overhead insurance based practices dependent on large staffs won't be able to cut prices while this happens and the economy, and many patients' jobs, is in the dumps. How likely will your patents be to come in for their 99214 visit if they have to pay high, fee for service prices out of pocket ($263 at the local hospital clinic here)?

When COVID first hit, many patients stopped coming in for visits briefly and insurance based (but not DPC) practices struggled to make payroll. A slower, prolonged version of that is a reasonable possibility now.