Literally nobody wants the government telling them what kind of headphones they are allowed to wear. This is a failure of the rule of law.
Excessive regulation has created oligopolies and kept prices high in the US. The OTC hearing aid category is meant to help. Before that, low-cost devices tended to remain niche.
OTOH the regulation(s) were introduced due to blatant sales of substandard devices, esp in the 1970s. A high-amplification device runs the risk of further damaging your hearing. Many hearing aid users are vulnerable elderly.