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Providing sub-1M connection doesn't put anyone's life into danger, like selling poisoned food etc., so there's no reason to regulate it.

Most societies regulate an enormous number of things that aren't life threatening, in the hope of providing a better life for their citizens.

Yeah, better life for some group of people in exchange for worse life for others.

Yes, often true. It's up to the society to decide whether that exchange is a good one or not.