It isn't about market efficiency at all, people are just incompetent. If people could create good products they would and they would become rich, but they can't. If Samsung suddenly started delivering the same quality as Apple they would make a lot of money long term, everyone knows this and even if it isn't true the people who manage Samsung actually believes it and they try to get there. The reason they can't isn't that they aren't trying but that they don't have competent enough people to get it done. Leaders are a part of "people" btw, so if you say it is structural or organizational bloat, well you fix structural and organizational bloat issues by having competent leaders, so those problems are caused by lack of competent people.
It's about what kind of competence is favored by the market - it favors people who can get funding, which is not necessarily related to the ability to get the job done.
