I don't know enough to disagree with this specifically, but reductionism and generalizing is its own problem. A PR stunt is far cry from a power grab. Reductionism favors addressing large trends, and large boogeymen, classes, groups, etc.. instead of doing the diligent work of finding root causes, nuanced as they might be, and addressing those.
If what you say is right, I would challenge that by still insisting the corporations can only do what governments let them. You might say they run governments behind the scenes, to which I would say, who let them? They keep influencing elections? Then elections don't seem to be working, that's the root cause perhaps? In all the major political issues, that's the trend I'm seeing, democracy failing, but then I'll challenge myself and ask why is it failing?
The old sentiment of "if it can't be fixed, it isn't a problem" seems rampant. Modern democracy itself is a fix for some other sets of problems. In the US at least, it is in theory designed to be mended and fixed. Perhaps the real cause is lack of political will power by everyone pursuing politics, to even talk about changing the way the government is architectured, altering constitutions, talking about parting ways with land and population (secession), or incorporation of some. Perhaps the population just isn't that interested in educating themselves on matters of civics, therefore how democracy works needs a rewrite at its core?
Either way, I rambled on, i know, but it's with a point i hope is obvious: the common political sentiment around billionaires, corporations, oligarchs (or similar "woke" or "DEI" dogwhistles on the right) simply don't address root causes. They're reductive by design, not accident.