Libertarians may cheer at this, but not so fast. The edge cases and particulars of laws aren't abolished, they're just fuzzy. You can't be sure you're complying with the law, even if the regulatory body says you're in the clear. You're at the mercy of judges who know nothing about the field they're ruling over. The chaos of legal uncertainty will grind the permitting of new technologies to a halt, as the regulators wait for Congress or the Courts to clarify how old laws apply to new circumstances before issuing any licenses.
Remember Oracle v. Google? How octogenarian Justices struggled to understand what an API was, when they could barely open their email? Imagine that, applied to the entire US code.
It's basically this in a nutshell, except that far-right activists intend to use the same 3 justices in Texas to reinterpret all federal regulations.
In the last SOTU address, I gather to Biden one of them was healthcare/limiting pharma prices.