I'm intrigued by things like this that used to be high technology but now are mature and pushed way down into the infrastructure. No one is going to make much money being really good at radio, any more than they will be really good at machining steel, but it's still necessary for higher levels of the tech stack to function.
"No one is going to make much money being really good at radio, any more than they will be really good at machining steel," How do you know? For instance, I'd suggest that not every method of modulation has been invented or even yet implemented. Also, we've hardly begun to design and implement meta materials into antennae and RF filters—the field's still wide open for innovation and invention. And new methods of 'mac…
Consider the fight between a company that's great at RF design, and a company that's on top on software. Which do you think will win in the market for cell phones? (This is a trick question.)
Mature technologies tend to be things that can be outsourced. So one can make some money (if not a lot) as a supplier of these things in a horizontally integrated industry.