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The investors themselves aren't overleveraged, but the ETFs they're purchasing are. Your link specifically refers to the amount of leverage offered to individual investors

So, for example, that regulation does not prevent me from buying an overleveraged ETF, but only from overleveraged my own account (whether it be buying these ETFs or a share of coca-cola)

Yes, but a directly levered position and an indirectly levered position, for all but Talebian wet dream scenarios, have the same exact risk profile.

Levered notes are regulatory arbitrage and are not materially safer investments levering up on one's own. In fact, the investor is probably better served by the latter due to lower fees.

The basic difference is that no one is extending credit to the purchaser. The worst that can happen is that your investment become worthless, which is bad obviously, but less bad than losing your shirt and then having to make margin.

You can't lose more than you invested, same risk as call options which are available to most investors.

only for the initial margin, not for maintenance margin