And in WordPress' case, the issue isn't just that so much power is with one entity, but that said entity seems to be trying to push the software in a direction and at a pace that's convenient for them, regardless of what the rest of the community think about it.
For example, Gutenberg is being pushed into core quite a bit before it's really ready, and to some degree it feels like it was designed for WordPress.com to compete with Wix and Squarespace rather than WordPress.org users.
The problem isn't WordPress having a large company contribute it to it, nor just that Automattic has so much power. It's because Automattic are running WordPress to solve their business needs at their pace, everyone else be damned.