The cost to develop in the first place may be too high, except for maybe nation states.
Falcon 9 funded Starship. Now there is little funding for a competitor, ignoring the fact that Starship will sink that even closer to 0 with such low launch costs.
BlueOrigin is not making money but investing more then most nation states. In fact, Bezos is single outspending Europe in terms of rocket investment. Bezos invested way more in New Gleen then Europe in Ariane 6. Not to mention outspending India whole space budget.
Falcon 9 funded Starship. Now there is little funding for a competitor, ignoring the fact that Starship will sink that even closer to 0 with such low launch costs.