Kodak dominated the home photography market for most of the 20th Century. Then they developed - in-house - the technology that would completely transform the entire industry. Kodak's own R&D team created the first digital camera, and gave the dominant market juggernaut a 20 year headstart on it.No idea the relevance of those examples
Kodak then did absolutely nothing with it, because their execs figured the first prototypes were too heavy and the resolution wasn't good enough. They filed for bankruptcy in 2012.
Nokia - in January 2007, Nokia's share of the cellphone market was 50%. And they were good phones. Then Apple released the first iPhone, and Nokia gambled that phones with no physical keyboard were a gimmick. In 2013, Nokia had 3% of the market.
In the world you describe, "the elites" who already dominate a major and growing market, don't lose control of that market so quickly and completely. They rig the system to prevent that.
Except, the world is a lot more complicated and a lot more turbulent than that.
??