Such polar implications about the efficacy of private vs. government (whether in R&D or other domains) represent reality poorly, and in fact your example contradicts itself with the enormous amounts of beneficial R&D NACA and NASA did and which industry built upon. This doesn't excuse the extremely wasteful behavior of NASA (e.g., SLS); only to say that you can't paint it all with the same brush of "wasteful, inefficient, government".
It is necessary to have capable people acting with good judgment to do "good and effective" work. Neither government nor industry have a monopoly on people of mediocre effectiveness or judgment. It is true that the government doesn't have market pressure to call it on the carpet for wastefulness. But that's the same attribute that enables it to undertake moonshots or do hard, expensive R&D that benefits society as a whole.