No. Enshittification happens because of venture capitalism.
Startup companies get a lot of money early on with the hopes that, after the investment cash is spent, there will be a profitable company left in its place. That company can become publicly traded or get sold to another company. The key is that the investors make their money off the startup.
The flip side is that, without venture capitalist companies, a lot of these companies wouldn't get the opportunity to grow.