I'll let others address the "enshittification" angle but I thought I'd point out that "shareholder value uber allies" is a relatively recent ... "innovation" ... in economic theory, brought about by failed Supreme Court nominee Robert Bork and Milton Friedman in the last half of last century:

https://www.chicagobooth.edu/review/what-made-chicago-school-so-influential-antitrust-policy

The rethinking of what the boards of companies are supposed to do (from maximize stakeholder value to maximize shareholder value) and how they can operate (from requiring justification to approve mergers to requiring justification to block mergers) really took off with them, and exploded when former union boss Ronald Reagan found "religion" (because Nancy's pussy was just that good) and ruined the economy for workers.

Lots of other people contributed, including Clinton after he "won" the 1992 election with 40% of the vote due to Perot splitting the Republican vote. His campaign of fiscal conservatism but without less bigotry became the model for the Democratic Party for the next two decades.

Anyway, Biden's FTC is finally working to help workers again, which might even release the death grip of the Chicago School from our economy. We'll see after November I guess.

https://www.ftc.gov/news-events/news/press-releases/2024/04/fact-sheet-ftcs-proposed-final-noncompete-rule