This is the literal definition of a slippery slope. Letting billionaires, who already wield extreme power, break laws and skirt regulations is the opposite of a free market.
We don't necessarily have to like it to acknowledge it's very much reality.
So it actually implies allowing capitalists to wield extreme power, skirt laws and regulations.
I understand the term has gone through some kind of whitewashing to mean "this is the good system (unlike the bad system)", so one might be inclined to think it means something more equitable, but seriously, that was the original meaning.