I think the underlying explanation for this is that the world sucks. Most of the companies that are commonly thought of as tech companies aren't.
My definition of a tech company is a company that lives and dies by the quality of technology they make. For example Nvidia is a tech company. If someone made GPUs that are half the price, but twice as fast, Nvidia would be out of business in a jiffy.
Spotify isn't a tech company - if someone made a better music player, they wouldn't be able to disrupt Spotify, unless they somehow managed to make a deal with every record label under the sun.
In the 2000s, I had a 20GB Music folder full of music I liked, and I played them using Winamp, which supported searching my library as fast as I could type. It didn't have all of Spotify's features, but the it did the core value proposition of playing music better than Spotify does today imo.
The problem is that Spotify is a package deal - if you like the service, then you must use the client - and they are under no competitive pressure to make a better one.
The 'it's much cheaper' argument is ridiculous - it's not that hard to create a native app that plays music - I doubt the people who wrote Winamp commanded the salaries FAANG people writing Electron apps do today.
'Tech' companies make much more money today than when they were making when they were writing native stuff.