You see, Trump has to come out and openly say he is building a fascist regime and fly swastikas and call it the fourth Reich. These people have a reduced cartoonish understanding of history and political and economic systems. So unless reality matches their cartoonish notions then it doesn’t count. And even then they will be twisting themselves into knots trying to explain how it’s not ackchually fascism same as people are doing now with denying Elon Musk doing a very clear nazi salute
Consolidation of industry and government is one of the textbook definitions that was given to me in school. We are seeing it now as we speak.
Among many other aspects that were covered by other comments.