Unregulated capitalism does not exist anywhere on this planet, and the US is in fact quite a bureaucratic country, though less so than many others.

"putting power solely in the hands of the wealthiest."

Do you think it is? Then let some of the wealthiest try to obtain a permit in downtown SF for a mere block of flats, the likes of which used to be built by the thousands 100 years ago. If it takes less than a decade, I would be surprised.

There is a lot of power outside the private sector. Every environmental or political group that sues any project does, in fact, wield a lot of power of the "veto" variety, which used to be prerogative of kings.