I think they did address actual harm. It is only hypothetical now because it has already been addressed. States do routinely "run opportunities/scams" that also likely do actual harm (assuming you're referring to lotteries here). They probably shouldn't do that. But that they do doesn't suggest that they have just given up all their justification to prevent other harm through regulation.
States routinely run opportunities/scams that target the "lay population". Why don't these regulations address actual harm, rather than hypothetical harm?