Because antitrust laws are no longer enforced, so you’re allowed to create monopolies and jack up prices/cut service, and the government will no longer stop you.
Actually it's because antitrust laws are stretched to the point that big acquisitions are no longer likely to win approval, so "alternative" exits are the only option.
Not to mention that until interest rates rose a few years ago, these PE acquisitions could be funded with cheap borrowed money.
