No, your time horizon is too short. Prices go up in the short term, which increases profits, which incentivizes competition, which brings prices down in the long term. A few years of increased prices is worth increased efficiency over decades. Prices are going in most industries, US markets are generally quite competitive.
Increasing profits often doesn't incentivize competition, especially when barriers to entry are high. Instead, it decreases competition by giving existing corporations even more money and power to use against newcomers. Look at what happened to Bandcamp: bought up by a music licensing company and gutted.
I would also like to point out that the "long term" is just a collection of several "short terms", so if the short terms are only price increases (which they are), then the long term will also just be that.
Increasing profits just enables attacking competitors in other ways than via product competition. The narrative that profits get turned into RnD instead of executive bonuses and stock buybacks or acquisitions is a Econ 101 fantasy.
In the real world, Cisco, Meta, Amazon, and Microsoft don't make better products to win, they just buy Splunk, Insta, Whole Foods, and Bethesda.
