I think a more nuanced explanation is that the problem isn't the amount of regulation but the nature of the regulation. If we simply add up all the rules, healthcare is probably more regulated in the US than anywhere else in the world. The difference is that in other countries the rules are designed with the intention of making healthcare accessible to everyone. In the US, the rules are designed to maximize profits.

A less nuanced explanation is to agree that in an unregulated market, this type of excessive rent seeking would not exist. The old and sick would simply die in the streets. (Actually that's not quite fair since in an unregulated market we wouldn't have streets.)

Policies can always be improved but the relationship between stronger regulation in health care and more access (lower cost) is pretty robust across the world. Nobody openly argues for policies that will lead to higher cost and less access.

Health care is an extremely regulated industry in the US. Possibly the most regulated one, though it's hard to come up with a way to measure that.

Obamacare alone added 20,000 pages of regulations.

US healthcare lack of regulation? Good god.