I’m not sure this is an accurate summation of the situation.

Recycling pretty much doesn’t work practically or economically, never has. It’s not possible to collect plastic, and convert it into a product that has value, at a cost of less than that provided value.

If this was possible, companies would do it. (I’ll forego a rant about one of the few virtues of capitalism, anyway).

Redcycle collapsed after a fire at a warehouse or something. That’s a bit like saying my wife asked for a divorce after I accidentally shit myself.