Bingo. Enshittification is mostly confined to companies that have gone public or whose sole aspiration is to do so quickly.
It shifts responsibility from satisfying customers/users to satisfying shareholders (who are never satisfied).
You can build the perfect product and ride a gravy train as a private company in relative perpetuity. As a corporation, you're just going to strive for perpetually increasing profits on a quarterly basis with no real care or focus past that