It's not just that.

The same bureaucrats perpetuate the falsehood that high net worth requirements somehow protect consumers. They do not. The extremely expensive surety bonds put in place as insurance (since FDIC protection does not cover money transmitters) only go a very short distance, and beyond that, they only cover licensed money transmitters. This means that the whole system is pointless, because consumers are never protected from the highest-risk money transmitters: those who never bothered to apply for a license (maybe because the requirements are so high). So despite the facade of regulation and consumer protection, the system actually increases risk while protecting incumbent interests.