Capitalism, starting the moment TLD registrars first bid for the monopoly to charge rent. And continuing today, where I think only Cloudflare offer below or at cost domain registration, charging nothing themselves and just passing on the other mandatory fees to the rent seekers. It has had centralization at its heart since the beginning, when someone had to allocate IP addresses and everyone else had to agree (or we would have internets and not The Internet), which enabled this. I wonder if it would have turned out differently if, instead of central IP address allocation, clients had generated a UUID and it was accepted on The Internet unless consensus agreed it wasn't unique? But I don't think we knew how to do that then and technical limitations. Heck, crypto export laws would have killed it and required a central authority to prove that a UUID was you and not an imposter.