This was always the sour economics of satellite internet.

Satellite internet works for a low density of customers spread evenly across the globe. But customers are not spread evenly they mostly live in megalopolist regions that can be served more efficiently with land infrastructure.

Worse most of the people not in the megalopolists have less money to spend on internet services.

So your customer base are limited to people who aren't already served by better/cheaper terrestrial internet, but who can pay for better internet.

Those people exist but the history of satellite internet service hasn't been a massive money printer. Most providers have struggled to stay solvent let alone produce great returns for shareholders.

Paul Allen wanted to build a megaconstellation back in the 1990s but then Iridium went bankrupt twice.

Iridium ended up being rescued by the US military. I wonder if this is ultimately SpaceX's plan.