The Morgans, Vanderbilts, etc at least built things that create value (and extracted wealth from them), things that didn't exist before in the economy.

The billionaires of today are just pure rent extraction schemes on things that already exist, make money by enshittification of what is already there. Nothing of value ever needs to be created. They use the govt to help them, after all why create anything new at all, when you can just take it?