I mean, I didn't do the reasearch, so you could be right.
What I see is a lot of pop-up physical therapy places in strip malls. My assumption is that, like with physicians, dentists, veterinarians, and more, private equity and capital are buying existing practices from boomer doctors and locking these young, trained professionals from building equity and their own businesses by freezing out a lot of marketing availability and driving down prices.
Consumers don't have any expertise to decide who a great physical therapist is, many of these service providers don't accept insurance, so I imagine they go to the last place they see. Even a lot of doctors are terrified to provide clear referrals. Our pediatrician just hands over a printout with, like, 20 ENTs and 15 dermatologists on it and we're on our own.
It doesn't mean that it's impossible to succeed, but these are essentially high-level service jobs. I think they're coming for law firms next (if they haven't already).