Same argument is made about short sellers. They puncture BS business concepts, fraudsters, and con men. I assume this is part of why some new companies would prefer to avoid listing. Right now it is very hard to short OpenAI, for example. And shorting involves risks to the trader too - unlike incumbent management.

A successful economy is like a natural system. The biggest beasts must confront the mosquitoes and gnats. We need to avoid pesticides as much as possible.