This is one half of it that's correct, but the other half is the US is in a late stage capitalism death spiral.

On a huge number of products in the US there is little to no US competition. Instead of using product means (build it better) they use capital means (use your size to get loans to buy up anyone that looks like they could compete in the future).

Lots of US companies minimize actual competition via civil contracts. Cola companies are a great domestic example of this. You give them all the space they want and crowd out competition or you get 'standard pricing', which is way more.

A sizeable portion of the large US companies moved away from making products to printing money via becoming a financial institution. Car companies are a notorious example.

Simply put making products is a side gig, rent seeking is the primary goal. Until we kill that off, we're in for a worsening level of hurt.