> There is nothing inherently ethical about co-op owned organizations nor anything inherently unethical about privately owned organizations.

I disagree. Co-ops are inherently democratic. Privately owned business is inherently anti-democratic. The difference only becomes starker as the scale increases. That alone makes it seem more ethical to me, before you even get to examining the way democratic organizations obviously do a better job at checking any single person's power than rule by one, as well as other effects.