I have a paranoid fear that keeping companies private MUCH longer than previously normal will be the status quo going forward now that the general public has easy access to active stock trading.
A truly open market strips away a lot of the advantage insiders and old money have enjoyed for a long time, and keeping growth companies in the private market is a way to prolong that privilege.
I should add, keeping companies private could also be a scheme for throwing a wrench into the rising calls for a wealth tax. How you value property that has no liquid market (like private company shares) is one of the issues that makes a wealth tax extremely difficult to implement in practice.
This is already the status quo, and has been for many years now. There are only rare examples today where companies that have a plausible prospect of growing >100X, go public before this growth happens.
I'm inclined to agree with you that defending some sort of insider advantage is part of the reason, along with expensive regulations and avoiding manipulative, activist speculative behavior.
A truly open market strips away a lot of the advantage insiders and old money have enjoyed for a long time, and keeping growth companies in the private market is a way to prolong that privilege.