This is the definition of late-stage capitalism. Capitalism starts out by finding useful things that improve lives for at least some people (potentially by ruining it for others). For instance, it invents assembly lines to make manufactured goods cheaper but in so doing makes the worker’s job dull, repetitive, stressful, and robs him of his agency. This is early stage capitalism. Things are getting worse for some people but broadly better for many.

But then later on capitalism runs out of things to improve. You can only invent the assembly line once. You only get that boost when you implement it. So you have to come up with something else. Maybe you computerize things. But eventually you can’t wring any more profits out of production and profits must go up, so you have to take them out of the customers. You roll up all the competing firms into a monopoly and then start jacking up the price, slashing the quality, etc. This is late-stage. It becomes more and more parasitic and the snake eats its own tail.