For the pedantic record, "regulatory capture" typically refers to a situation where an entity responsible for regulating another entity is controlled or influenced by the body it is meant to regulate. Like if the SEC was influenced by Goldman Sachs, or something, or the FDA was influenced by the pharmaceutical companies it was meant to regulate.
Standards bodies are comprised of its member companies, who negotiate (oftentimes quite hard!) with one another over what IP ends up in the standards. They're non-governmental trade organizations (though I suppose with ISO it gets semi-governmental).
Disclosure: I work at Dolby but do not have anything to do with standards. I dabbled in standards bodies at a previous startup but am really not qualified to weigh in on any of this, besides the stray pedantry around language.