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There's no inherent reason to restrict the number of TLDs. The best way to combat rent seeking from registries is to allow any organization that has the technical capability to operate a registry.
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Why do companies and organizations get special treatment over regular people? I think a simpler fix is just to ban any companies that register domains from squatting on them.
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Were regular people prohibited from applying for TLDs when applications were open?

Not that I know many people who would have been interested in paying the fees.

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That’s not what the ICANN thinks, and this started in 2012:

https://newgtlds.icann.org/en/about/program

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Any idea why Google and Microsoft and Apple don’t yet have TLDs then?
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