I didn't see it that way at all but I've seen several people compare it to that and I still fail to see the comparison. The video has no relevance to capitalism at all. It's just a more violent version of very common asian tv variety shows where a bunch of contestants try to climb over obstacles or do random activities to reach the goal. Instead of getting shot though you fall into a pool of goo or water or something though instead and everyone gets a laugh watching the antics of the participants. Combine that additional violence with some heartfelt back story for the characters and you have squid game. It's really quite a simple story.
Keep in mind this is a Korean drama, not a western drama. "Late stage capitalism" is an English language/western world concept, not a universal one. (Even the term "late stage capitalism" implies that capitalism is somehow going to end, but commentators never clearly explain what system they think is better or what should replace it. Capitalism IMO is with us for the rest of humanity.)
> It's just a more violent version of very common asian tv variety shows
No, it's a version of such shows that you cannot escape from because of financial pressures on your life, despite likely ending in your death. That is the key - even when given a chance to get out, the overwhelming majority of participants embraces the game, because the alternative (being economically destitute, while lying to friends and family to keep up appearances) is seen as worse than death. It's literally "get rich or die trying".
The final revelations, about the game's origins and the fate of previous winners, add further elements of critique of "the system"; and the story arc of the "good son" is a critique of a (Korean) academic process that, while ostensibly promoting talent, ends up producing sharks.
You're directly contradicted by the writers of Squid Game. In fact the text itself directly spells out that it's influenced by South Korea's looming debt crisis and housing inequality. I'm surprised you missed that, frankly.
From TFA: But for many South Koreans, the homegrown Netflix series is not just riveting entertainment. Behind the violence and horror, it has captured long-held anxieties and brought them to life on screen. It has also sparked a debate in South Korea about the exploding personal debt and widening inequality consuming this nation.
"many South Koreans" might include the creators but I would prefer if they could find a tweet or a Korean interview with the creators to actually be sure.
“It’s not profound! It’s very simple! I do believe that the overall global economic order is unequal and that around 90% of the people believe that it’s unfair. During the pandemic, poorer countries can’t get their people vaccinated. They’re contracting viruses on the streets and even dying. So I did try to convey a message about modern capitalism. As I said, it’s not profound.”
“The stories and the problems of the characters are extremely personalized but also reflect the problems and realities of Korean society,” Hwang Dong-hyuk, the show’s creator, said in an email. He wrote the script as a film in 2008, when many of these trends had become evident, but overhauled it to reflect new worries, including the impact of the coronavirus. (Minyoung Kim, the head of content for the Asia-Pacific region at Netflix, said the company was in talks with Mr. Hwang about producing a second season.)
Keep in mind this is a Korean drama, not a western drama. "Late stage capitalism" is an English language/western world concept, not a universal one. (Even the term "late stage capitalism" implies that capitalism is somehow going to end, but commentators never clearly explain what system they think is better or what should replace it. Capitalism IMO is with us for the rest of humanity.)