With Telcos it’s not that different too; if the large one as in those who actually have infrastructure fail it can lead to a catastrophic cascade failure when you can’t call an ambulance not to mention can’t do business because your phones or internet are down you are screwed.
Telcos are like roads it might seem really easy to set new ones up but if you remove all the existing infrastructure that was setup over a century you end up with a lot of short routes that lead up to nowhere.
For example, the idea that banks should maintain appropriate reserves and refrain from taking on certain kinds of risks doesn’t imply that banks should be the arbiters of who is allowed to send and receive digital payments. The movement away from cash to digital has handed them extraordinary power over all economic activity in the country.
Telcos have responded to attempts to shake up the industry by acting in non-competitive ways, the primary reason why NONE of the new entrants from the last wireless spectrum auction still exist as independent entities, and why no foreign telcos have any interest in investing in the space. We don’t enforce our own competition laws, leading to a small group of extraordinarily profitable companies at the expense of the rest of the economy.