I am not saying they should strictly regulate formats or the viability of stations. At the very least the FCC should only provide a license to those willing to serve a geographic area - community. To the extent at least if the available allocations are so limited and only a few frequencies available on FM then a Polish language broadcaster would not receive a license.Any move that meets the technical rules can be done. The FCC does not regulate formats or, even, the viability of stations.
If it could move to a better site it would. For a better signal, NYC Metro stations would pay the best engineers in the country a lot of money to find a way to do that.
The FCC regulates that sort of thing by the laws of physics, not by ownership.
And you have already been shown that there is no company in the US with more than 5% of all radio stations so there are no monopolies. And in today's Internet world where you have thousands of streams, podcasts and online music and talk alternatives, there is no such thing as a monopoly.
It is not the same comparing internet streaming to FM radio serving a community particularly during emergencies when streaming is unavailable and cell towers down.
I get it would be bad for industry professionals financially if these national conglomerates were out of the picture.
As far back as the 60's, per FCC financial reports, half of all stations did not make money.
The biggest issue of the last 6 decades has been the gradual additions to the FM table of allocations, changes in protection of AM clear channel station and, then, finally Docket 80-90 that radically increased the number of FM allocations, allowed for extreme power increases and loads of relocations.
So, by the early 90's even more stations were not profitable. The only solution to avoid degradation of service and the closing of many stations was to increase ownership limits so companies could share overhead among many stations in each market.
That is interesting and wonder what the breakdown was of unprofitable stations. Was it something like losses seen in only major markets with offices and towers on expensive real estate and over paid talent from doing business like it is a period that no longer exists?