Adam Smith wrote about this in 1776, explaining that the economic interests of businessmen are often misaligned with public interests. The goal of businessmen—and, of course, business enterprises—is to maximize profits. The goal of the public is to (more or less) maximize product quantity, quality, variety, and innovation, and minimize prices. Lack of competition means that sellers no longer fear losing buyers, and thus have no incentive to provide any of those things the public wants.