“More generally, in many markets, consumers are uninformed and it’s fairly difficult to figure out which products are even half decent, let alone good.”
VCs like to say the market would have fixed it already if a better product were possible. Greenspan got better economists for less money for years by hiring the women everyone else underpaid, and the gap never closed. Markets don’t punish bad products when buyers can’t tell the difference. “Someone would have fixed it” is a slogan, not evidence.