I think a better way to go about it is what Australia used to do. There was a government run service for most things, phones: Telstra, banking: Commonwealth bank, etc. Unfortunately they get sold off for peanuts/privatised, and what do you know, service suffered, but profits for the board and investors jumped.
This leaves the ability for private companies to operate in the space if they can compete on price or on service/features.
Private companies hate that though, it means they can’t boil the frog/capture the industry as easily.