Can anyone tell me why this was not previously possible? Both latency and speed? What did Starlink do differently
Traditional internet satellites operate in geostationary orbit, which is around 35,000km above the surface of the earth. This was preferable because with only a handful of satellites you could give the entire globe internet connection. However you have much higher latency due to the distance. Not exactly sure why the bandwidth is so slow, distance probably doesn't help here either. Maybe those companies are also running outdated systems.
Starlink satellites operate in low earth orbit which is around 400km, which is way closer, leading to far lower latency. However, at that distance you need to basically cover the sky with satellites in order to always see one. That's why they're planning to launch thousands of them.