This is false. It is like saying if my local Starbuck or McDonalds or Walmart got greedy, someone else could just compete with them. Not so easy when then they dominate the market. Sure, I can open a coffee cart, or a vegetable stand -but am I really competing, or even able to compete?

Your point is taken, though - for you, the stronger use case is SoV, and I can agree that is true for many, now. But this may not always be the case, and some day Wise (or Strike) might not offer what you need, and lightning (or liquid) might.

Banking and money services are licensed in most jurisdictions, no? These licenses aren't always easy to get, for a competitor. Ask Elon. Thankfully Bitcoin doesn't need licensed entities to operate.