Without referees, competition can simply be on lowering costs and providing cheaper service.
If demand is in-elastic (there’s only one Yosemite) then simply invoking competition isn’t going to be a solution.
Without referees with teeth, the market can easily optimize for profit without giving a damn about anything else.
I have family who worked for them at Yellowstone, Crater Lake, and Glacier NP. (They also have the concession at the Grand Canyon and Death Valley among others.)
Seemed like a fairly good company from what little I gathered.