Besides not getting any users, you're also not able to offer products anyone wants. Current "US regulated" exchanges are just money onramps with a fraction of the volume/profit seen in the rest of crypto.

Also keep in mind that currently crypto is a lot bigger outside of the US, most of Asia don't want to deal touch things close to US regulators. Eg. it's why Tether is so much bigger than things like USDC (as they actively fight against US regulators in court to protect users).