I am not a fan, nor making excuses, but its not constructive to oversimplify important, multi-step mechanisms
Source? In the global north, most regulatory bodies are understaffed and underbudget and cannot possibly even try to protect the public from vicious corporations. With the neoliberal wave of the 80s, there's been a merger of State and Corporations interests (what Mussolini called "corporatism") and millions of people have died as a result: from poverty, from work "accidents", from harmful chemicals advertised as medication, from industry pollution...
The people in the regulatory bodies are friendly with the corporate people. It's not uncommon for these bloodsuckers to jump from one field to the other and back again in about a decade.
To give one small example that's familiar with HN people: all of silicon valley hosts (GAFAM) were illegal by french privacy law (passed in 1978) yet they were all operating luxury offices in Paris and bribing engineers to come deceive/exploit the public.
I'm not a fan of defending defeatist worldview, but to believe that the State is here to protect people from corporations is an oversimplification. The regulation, corporate, and State people all come from the same higher classes, all went to the same schools, and eat in the same fancy restaurants in the same bourgeois districts. We lower people don't have the same interests as them, and they are well aware of that... are we?
human nature has developed over thousands of years at least, so is this still true? partly of course. So, make the world you want to live in.. speak in public, write, participate in civil society.. When money is involved of course there is insider dealing.. and there is legal enforcement everyday .. pick an example, the female South Asian lead Attorney for New York somewhere, a Wall Street enforcer.. look for it, easy to find.
I am all for engagement, much less for repeating stories of old problems as if nothing has changed, right?
It's totally not bribery though, just good business.
And of course, as someone else pointed out, you don't necessarily need to take a bribe right now when you know you can quit your job as a regulator to earn 6 digits working for industry. That's a common bargain with regulators, but it's not even just them. You could say the same about journalists, who at least here in France, often refrain from criticizing private propaganda machines (Lagardère/Bolloré/Bouygues/LVMH empires who control >50% of media) because they don't want to compromise their chances of getting a job with them later.
Absent regulation, rules are defined by those in power for their convenience rather than for the public's benefit.