You raise a very valid point, but one could make an argument that it's _okay_ for innovation and entrepreneurship to slow down, if it's done to protect people's rights and ensure that companies do things "properly."
It seems to be an eternal cyclical process: people come up with something that either sidesteps or has no regulation whatsoever, you get massive growth and innovation, which turns to exploitation, which leads to regulation.
We've seen it in all fields, from tech to pharmaceuticals to big box retail. Is it an acceptable compromise in society to "let things happen" for a while before regulating? Or should we all slow down and think about the consequences before pushing forward?