It's not illegal to make a speedtest that says you got some big value that is BS.

It's illegal to put arsenic in a bottle and label it Vitamin C.

It's not illegal to call you TV channel "something" news then just make things up.

Maybe it should be illegal to call what you are saying is news when it is made up? it used to be (google fairness doctrine)

Maybe there should be some regulated valid speed test, but there isn't.

there are a lot of things that are legal that are unethical.

there are a lot of things that are illegal that are sort of marginally unethical.

But, when you elect congress people who are not very technical, probably not going to happen. Just saying.

I don't have a good answer for you, just a lot of interestig observations.