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I love how people comment very confidently on shit they clearly know nothing about.

Iceland is in the EEA. It already has to comply with pretty much all EU regulations (with some exemptions, such as their fishing thing). It is also a part of Schegen, freedom of movement, etc.

Unlike other countries, it doesn't get to vote on those regulations, so it doesn't even get the veto power.

I honestly think it may make more sense for Iceland to not be a full EU member, the fishing industry may be too important for a fairly small island nation, etc.

But it has nothing to do with the reasons you fantasized about.

I would say it’s the other way round: being in the common market means that they are already subjected to EU regulations, without having any representation in the governing bodies however.

They are already for practical purposes subject to EU law; joining them would allow them to participate in making it.