Interesting view. Though the counter to your view is that non-monetary bloat will also cause centralisation via increased cost of infrastructure and data. Being in Africa and rural this is a key factor in my Knots support, being lean and mean. With that inevitability keeping node infrastructure as lean and mean and economical as possible is the alternative which is the Knots’ proponent main point.
Centralisation and market forces will happen but at the lighting layer, ETF, treasury etc. Economical efficiency and freedom of choice and association will filter at lightning layers. That is inevitable, as long as the node underpinning Bitcoin’s distribution is intact, economical and widely distributed Bitcoin will survive.

I see node centralisation as a bigger threat to Bitcoin than anything else. All arguments against this have failed to convince me otherwise.