I think that’s fair criticism of the situation but i would also point out that if i was in business X and some others were acting in a way that risked the public not wanting to participate in my product due to the behaviour of others, i too would welcome some oversight to manage these bad actors from damaging my reputation.

Tether has destroyed their own reputation multiple times, so they have lost the benefit of the doubt and we should view their actions more critically

In this case it is like you are in business X and having personally ruined the reputation of the group you call for welcome oversight to manage bad actors...

Of course but the problem is the relativism -- every business thinks that exactly what they do is the ethical way that should be sanctified.