I mostly agree with you, but at the same time, we are far from a "free and unregulated market." There are mountains of regulations to comply with, and more than one startup idea I've had to disrupt this type of shit never got off the ground because I would have had to spend months of my time just reading rules or hiring extremely expensive consultants.

I think the problem is not necessarily lack of regulation (although there are consumer protection/privacy rules that we badly need), it's that the big companies are the ones writing the regulation and conveniently it makes it really hard for anyone to disrupt or challenge them.