It does, but as far as I understand that's only because EM spectrum is a very limited (as used in practice) public resource. The logic wasn't (many to one) -> (regulation), it was (limited resource) + (EM interference problems) -> (government controlled public space) -> (regulation). The US National Parks might be a good analogy here - very high traffic combined with limited space availability.

In particular, note that in the public resource analogy the regulation is quite neutral; legal censorship of profanity in the US is very narrow.