That's really the catch22, isn't it? Without a regulatory system, the people with money (power) can utilize all of it to nearly any extent directly for the purpose of exploiting that resource.
With regulation, they still have the money (power), it's just utilized to tailor regulation via lobbying in such a way that they _still_ get a better chance at exploiting the resource.
As sister posts suggest, it's the implementation more than a black/white "get rid of it" approach that I'd like to see examined, but I also have doubts that given the aformentioned lobbying and political climate, regulation can be done effectively and without corporate influence. So with that said; it's a matter of tradeoffs, which outcome is going to cause the most harm in the long run?
(I don't have any great answers, just mulling over the two options. I'm mostly erring towards "no patents" because even given all the cards, I've seen big companies fail to execute on excellent ideas that small players have then locked down; where in a regulated environment, this introduces significant and often unavoidable barriers to entry. (see the home automation/3d printing patent tieup that slowed down those respective spaces for such a long time))