I don’t defend the decision; but when it was enacted it did work; in exactly and only that specific circumstance, for an exceptionally short period of time. It offloaded a comparatively small bill to the private sector, in exchange for the monopolies; a terrible idea IMHO.

I liken it to a house move. If I must pay removal people, I can either pay them what they ask, or burn everything I own and save on the price of the movers. Burning everything might save me money during moving week, but after that one initial saving, I will be paying ungodly amounts to repurchase everything I burned.