Well even the "no-bid' notion is a misnomer... those contracts typically require a maximum margin of 2% over cost, with a performance bonus of an additional percent, for a maximum of 3%...
Beyond that there is a litany of 'exclusions from cost' items... so those contracts are only viable for specialists who know their business, and who already have the necessary infrastruture which can exist within the stark cost item limitations.
The projects are enormous, they have ridiculous deadline thresholds and major penalties for failures to meet those deadlines... what's more, they have enormous reserves at risk in 'retainage' deductions, from which the penalties are summarily drawn.
But the idiots look at the tens and hundreds of millions in gross revenue, with no idea and less concern for the BILLIONS that they set at risk to realize that revenue.