Sure! Imagine something like meal kits (e.g. Blue Apron, Plated). When the category was just starting, there was almost no ‘pull’ as they had to introduce the concept to prospective customers. At that time very few were searching for ‘meal kits.’
Fast forward a bit now that the category has been defined and a search shows many different players. Most are offering discounts, some may be competing on price, and the increasing # of bidders is likely raising CPCs and CAC.
Many high margin categories do exist with a heavy ‘pull’ component — I was just observing that in general if you are introducing a category that does not yet exist you may be doing so with higher margins vs. one with more competition.
Also note that I was only speaking to the revenue side of margins. As a category matures, it’s very possible that economies of scale lead to offsetting effects on the cost side for some or all of the competitors.