Headline is completely inaccurate. This piece says nothing about "accounting". All it seems to say is that Bezos is rich due to capital gains and then claims (with absolutely no evidence) that Bezos' motivation is reducing his taxes and, therefore, he is doing something (piece does not say what) to transform taxable profit to untaxable capital gains.
Piece also seems to equate being a big business with having a big market cap, which makes no sense as plenty of big corps with big revenues have small market caps.
You're right, but these are the incentives created by the system. It would be really hard to change this.
What you call net income isn't. It's a fictional valuation metric for current possessions. It's like when you own a house, and the house goes up in value. Should that value increase be counted as income ? Because it would force a lot of people to sell and certainly wouldn't be a good thing for middle America.
Piece also seems to equate being a big business with having a big market cap, which makes no sense as plenty of big corps with big revenues have small market caps.