As a highly-regulated medical device developer, I am in favor of some kinds of regulations. I would even say that regulation is the reason most medical devices got funded to be developed. Without them, the market becomes a race to the bottom by cutting corners until somebody gets jain time and money disappears. It's counter intiutive, but well-understood regulation significantly reduces RoI risks for investors and jail time risks for the top management of companies.

Regulation doesn't control behaviour. It just determines the rules of the game for all players. Use it correctly and you get an ecosystem of players that can work without betting their lifes on it.