As long as price (in fiat) compensates for halvings security budget (theoretically) goes up. Through state regulation or market forces there can still be a concentration of mining power that actually could result in a lower security budget (easier to attack) despite rising hash rate.

Capture comes in many different flavours.

Custodial capture - got worse over time
Price capture - got worse over time
Minng capture - neutral
Node capture - neutral
Narrative capture - got worse over time
Regulatory capture - got much worse
Development capture - got worse over time

It's a constant process. All hope is not lost. But the tendency is clear. Mining and nodes are still the back bone of Bitcoin that hold up its purpose.