No, I don't think government can manage companies well, but for the same reason they also can't pick good investments, either. Non-voting shares would be better than none.
Even accounting for all the failures, the system as a whole is overwhelmingly positive of benefits to taxpayers. It simply works. The social experiment has been done multiple times with reproducible results.
"And in most of the ones that were successful, it's very likely they would have been successful on its own, just less profitable for owners (eg: railroads) and maybe it would have rolled out a bit slower. "
There is zero evidence to support that contention.