I think you are right. I’ve always found the “what’s your technical moat” question a sign of a confused mind. If I can build it in software, so can others.

I remember when Google first emerged and everyone shifted from AltaVista etc. The reason I started using Google was because, in the age of slow internet connections, a landing page that was just a search box was dramatically faster to load. A simple landing page is hardly a technical moat (although clearly there’s more to Google’s success) and yet the others didn’t copy it because they were locked into a business model that needed traffic to a portal. To your point, focus and execution are probably better signals.