a lot of voting power which lead to companies acting in a manner that is best for the fund instead of best for the company.

This was an interesting part of the article:

Even Vanguard founder Jack Bogle—a tireless advocate for indexing—warned just before his death in January 2019 that there may be too many shares in too few hands. Index funds are so successful, he wrote in the Wall Street Journal, that they could one day effectively control the U.S. stock market. “I do not believe that such concentration would serve the national interest,” he said.