The creators/thought leader of Capitalism all said it was a necessary part of having a functioning Capitalist system. So yes? Unless you want to change systems to something else?

I mean that America would be better off with a government that discourages god-kings instead of enabling them.

Sure, but how do you think that can be accomplished?

Wealth begets wealth in a positive feedback loop.

How do we typically deal with positive feedback?

You can suggest to tax wealth, but how are you going to get it implemented?