There isn't a market that large for LEO satellite data connectivity. Even with the debt burden from mergers in the US, terrestrial wireless will always cost less, and mostly suck less, than satellite wireless. There also isn't enough of a IoT or other specialty market outside the footprint of terrestrial wireless.

Elon is pumping SpaceX's valuation here, and has been for years: Half of the mass in orbit is Starlink, but it needs at least 10X the subscribers to break even. To justify the next funding round, there has to be a $trillion future for it. There isn't.