> and I don't see it as a conspiracy to keep poor people down, but an overabundance of caution from bureaucrats covering their ass and regulatory capture.

These are one in the same. Regulation is a euphemism for corruption, market manipulation, favoritism, cronie "capitalism", and so on. The intention might not be to keep the status quo (e.g., poor remain as such) but that - time and again - is the result.

Given these are the facts. This is the tradition. It's not all that difficult to argue the libertarian pov because if nothing else it's obvious what is not working.