I don't think the world is that simple. Corporations will usually use some consumer benefit that gives them an even greater benefit. I think I'm literally saying the same thing as you but with some nuance added. Companies don't just own the regulators and force them to do whatever they want. Companies justify extremely self interested regulations through the guise of some consumer benefit.

For industries emerging from the innovation stage to the regulatory capture state, usually the first regulations increase the startup cost to some extremely high level that only the incumbents can support. Only in the advanced stages to governments grant monopolies to specific companies.