The US is wealthier, has more billionaires and has fewer of these barriers for small entrepreneurs. So no, this is not the monocausal explanation that applies equally everywhere.

(YES, the US has regulatory capture, YES the wealthy attempt to use it, YES we should try to eliminate it here too, but it remains true that it is easier to run a small business in the US, while having more billionaires. There are other explanations to the differential here).