If all Nash equilibria were optimal, life would be much easier. Sadly, this is not so [1], so outcomes that are worse for most participants, or even for all participants, occur pretty often. I bet you've heard about "the prisoner's dilemma".
So no, businesses may end up doing things that are not very beneficial to customers, and not that beneficial to the business, but be in a situation when changing their behavior results in significant losses, so they won't change. Same with customers: in some situations, they might get a better outcome, including a lower price, if they did not chase the lowest price outright.
If the USA was the only country in the world that might indeed be a serious danger… but thankfully there are other countries that compete and it’s exceedingly unlikely they all fall into the exact same trap.
But if that scenario were to occur, then all arguments ever written would be likewise literally worthless.
I have friends in many, many countries in the world. It appears that every country has its own upsides, but also downsides. They fall in various interesting traps.
So no, businesses may end up doing things that are not very beneficial to customers, and not that beneficial to the business, but be in a situation when changing their behavior results in significant losses, so they won't change. Same with customers: in some situations, they might get a better outcome, including a lower price, if they did not chase the lowest price outright.
[1]: https://equilibriabook.com/toc/