Absolutely. Even companies that try to switch licenses to "protect" their code, like MinIO did, run the risk of people quickly switching to or creating alternatives. Like RustFS was created specifically to deal with the frustration of MinIO's change.
AGPL is a plague. GPL, I tolerate, though I have a strong preference towards v2. But AGPL has no redeeming qualities. The hypothetical world where someone creates a closed-source fork of a web service, convinces everyone to use it, and then holds their data hostage just isn't particularly plausible.
Meanwhile, AGPL precludes any interesting integrations, custom in-house authentication systems, using custom database backends, and all sorts of other stuff that potentially is useful to keep company-proprietary, but that has no impact whatsoever on the hypothetical freedoms that the AGPL is intended to protect.
It's a license that is so toxic that even companies that are strong proponents of open source with large open source offerings have outright bans on letting AGPLed code anywhere on the premises.
As far as I can tell, the main benefit of AGPL is for companies that create code and want to release it to the public as "free software", because by requiring contributor agreements, they can keep their own branch proprietary while forcing everyone else in the world to comply with the AGPL, thus ensuring that the only company that can create their own proprietary features is them.