The theory goes like this: capitalism combines with consumerism and advertising to make us sad, lonely, and forever chasing after material goods. So we consume endlessly and the Machiavellian capitalists reap the rewards. It's not a great theory.
At this point mal-investments and false market signals have been accumulating for many years. The effects can be seen not necessarily in a future "crash" but also in our current weak and declining levels of economic growth.
Competition for wealth and social status was hardly created by the capitalist system. People have always competed for these things. Thanks to capitalism, though, this competition is now less violent, and true poverty is easier to avoid.
It is highly unlikely that Woke Big Business on its own can turn the US into a totalitarian society. Historically speaking, business policies have followed the lead of governments, not the other way around. The state remains the real threat.