The regulation of spectrum benefits consumers by specifying who can broadcast under what circumstances/conditions/amplitude. This prevents interference, which enables surprisingly reliable communication over such a noisy technology.

Yes, but what of the charge that the FCC has consistently given preference to well-monied lobbyists (e.g. the National Association of Broadcasters vs. Low Power FM radio operators) when handling spectrum rights? Is there a way of managing spectrum that is more efficient for businesses and more beneficial to consumers? We don't know, because the FCC is governed by increasingly antiquated rules.