That may all be true but I don't see how it relates. Adobe can't prevent figma from going public if it refuses their offer. It's an open market. Nothing stops new competitors from joining.

Only regulators have absolute power in this regard. I'd prefer decentralized power

Preferring decentralized power is like preferring decreasing entropy, who wouldn't want that but it's almost never going to happen, and even local, temporary instances of such are miracles of nature meriting arbitrary study.

It's concerning that you don't see this, but makes no difference to how the world works.