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Yes, if there's collusion or a lack of competition, there are legal solutions, namely breaking up the offending companies.
But will those solutions be applied? That's always in doubt.
We're at an inflection point where Federal government arms actually have to show the citizens they sometimes work. Something may actually happen here. Many government agencies like them, the FCC, DOE, DOT, and FTC are actually being run by people that are trying to make a difference. Did a 4000 mile road trip across the US over the holidays and was impressed to see so many bridges actually being fixed, rebuilt, or replaced. First time I've ever seen that level of progress. (Or at least, level of undoing technical debt.)
Not to fill you with false optimism though. I've not seen our federal government do anything useful my entire life, only take away rights with things like the Patriot Act and making women not be people anymore, so I have a hard time myself believing they will actually do something for the People.
Opposite corollary: They antitrusted Google over search while Google is currently being run by morons and failing at everything, meanwhile ignoring that Apple is becoming an actual monopoly in the US and segregating the population based on the color of a text bubble; owning media production, distribution, and sales; and other bad behavior.
Who knows, but Khan is the best chance we've had of something getting done in a very long time.
When was the last time this happened?
Bell telephone
So 42 years ago.