It's that there's clearly been industry capture and the regulations no longer work. It doesn't mean the regulations themselves are automatically the problem.
It also doesn't mean every regulation is good or should exist, but that's not an argument I see anyone actually making. Only some people like to pretend like someone is making that argument, because the actual argument is harder to argue against.
Compared to what? Your string of comments are banal generalities that may or may not apply to this particular situation. Where else in this world at this time, is this particular governmental failing handled materially better?
Singapore? China? Russia? Switzerland? England?
I have sometimes learned interesting things from you (as a commenter) but there is nothing to learn here. It appears to be only diversion and distraction.