I think this is one of those "works, but not at scale" situations. The law around protected classes is proof of this: if there's a racist business that won't serve you, startups could gain an advantage by serving you. But if
every business around you is racist such that a startup couldn't gain a foothold, there's a market failure that regulation was added to address.
If you don't like what telephone companies do, making your own phone company that doesn't inter-operate with the current ones would clearly not go very well.
Likewise, if you don't like the current banks or payment processors, you have a steep hill to climb in that all the operative tissue is built around the current model.
