Innovation is really not the goal of most places. What makes RoE is extracting as much as you can from what you have and only innovate when needed (i.e. customer tells you/margin pressure etc.). If you can burn money then you can disrupt etc., but if you are measured on profitability innovation is mostly a drag (better to buy innovations you like).
Coming first isn't always the best place to be, sometimes being the last to enter is also quite a good spot.
This is the core problem of the current economy. Too many monopolies. In theory Pfizer should be able to innovate a lot due to their massive size as they are not afraid of failing and being poor + homeless, but all they do is lazy out and buy startups. What is the value of Pfizer except as a bank essentially? Same discussion can be made about many more S&P500 companies.
Coming first isn't always the best place to be, sometimes being the last to enter is also quite a good spot.