It is possible and has been done before in the past. The companies that tried it went bankrupt because the business plan doesn't work out. The ground stations are too expensive for end consumers. Starlink will likely see the same fate unless they get government money.
As pointed out in many places, the launch costs are still being paid for by their lack of funding from other commercial launches. The bulk of the cost is not in launches; it's running an ISP and equipment.
