Its also worth noting that if you can create a business with an LLM, so can everyone else.

One possibility may be that we normalize making bigger, more complex things.

In pre-LLM days, if I whipped up an application in something like 8 hours, it would be a pretty safe assumption that someone else could easily copy it. If it took me more like 40 hours, I still have no serious moat, but fewer people would bother spending 40 hours to copy an existing application. If it took me 100 hours, or 200 hours, fewer and fewer people would bother trying to copy it.

Now, with LLMs... what still takes 40+ hours to build?