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The idea of competition either makes for corruption (companies bolstering each other because one failing would look bad), or monopolization. The idea of competition is that all threats are essentially eliminated and then everything becomes whether or not the giant corporation who thinks perpetual growth is sustainable and realistic to be nice. This is seen in the meat processing industry as corporate concentration has allowed for there to be about 4 major companies doing this, and they f*ck over the cattle ranchers on the front end and the consumers on the back end. This is also seen in the pharmaceutical industry. Recently Sandeds grilled Pharma CEO's on their price gouging, skip to 5:58 of this video and you'll see them outright say they wont lower cost due to a lack of competition for specific drugs:
The lack of competition is largely because of their business practices, and a lack of regulation. Anarcho-capitalist Libertarians would have us believe that removing regulations further would somehow eliminate this as opposed to making it worse.
A much better summary than I'm capable of, hespect!