Regulators selected and overseen by elected officials aren't a foolproof solution either. Sometimes you end up with Scott Pruitt [1] running the EPA, whose objectives are apparently a) denying that climate change exists, and b) dismantling any environmental protections that businesses find inconvenient.

The self-appointed lawyer regulators at least have an incentive to do their jobs: they get a bunch of money.

[1] https://en.wikipedia.org/wiki/Scott_Pruitt