No it isn't, but it looks like it is. The same is also true with (abusive) monopolies. They make less money stagnating. The difference in both is that it's easier to be poorer. But you give up a lot of value for easy money, and let's be real, when you're that rich it's no longer about the (utility of) money but the power and high score/bragging rights.

(Markets can work with monopolies, even efficiently, but it's the problem of benevolent dictators. They're never benevolent and eventually abuse their power. Competition is good for everyone involved because a stagnating monopoly is just one overtaken by bureaucrats who don't know how to make money, i.e. it is already dying)