I edited my comment. The key takeaway from the edit was sensible regulation.

To answer your question though, no. It was misused infrastructure that was basically given away to telecos. Instead of sharing it like a utility, they took it and ran with it.

I don't at all agree with GP's point, but "the infrastructure being given away" is, objectively, an instance of regulation. Laws were passed, government bureaucracy was involved, papers were signed in triplicate.

If we're really on the regulation-is-bad-mmkay train, then also on the chopping block needs to be franchise agreements, agreements where high-density housing buildings can only use one provider, and so on.