Can you name one organization of 50,000 people that is collectively smart?
Smart is not necessarily nice. Without nice, incremental returns to smart may be negative. Furthermore, the terminal goal of a market is to give some group exactly what it wants. Such groups are often large, and their wants are defined by how their members act -- usually when others are not looking. A market does not care what anyone says they want.
It's a wonder the damn things aren't banned.
Sorry for posting libertarian downvote-bait.