I’d have to agree. Morals and ethics (and the lack thereof) are what drives this perversion and the same can be seen in other economic models tried in the past like communism.
One might argue that companies are forced to do this “because of the shareholders” but in the past companies weren’t always solely focused on short-term gain with long-term term consequences (enshittification) and they made their shareholders plenty of money for longer. It seems the focus now is to burn bright and die out fast, but that path isn’t inherent to capitalism itself.