If someone comes up with a good or service that is better than anything else sure. If they try to inflate the price other people will come up with a cheaper version forcing the first group to drop prices or go out of business. Monopolies are problems when states interfere with markets.
What if the monopoly is supply-based? E.g. I own most of the watersources in a region. Or I own all the roads surrounding area x, so everybody has to pass through them?
And it doesn't end there. There are a lot of sectors where new companies are at heavy disadvantage. E.g. industries that require a lot of infrastructure like internet providers or energy companies.
Not all of them can be beaten by competition.
Competition still applies pressure. I concede that the mechanic is less potent in these cases than in that of a widget manufacturer, but it is there. Should such a monopoly push its advantage too far, I believe it will be beaten by competition.