It does. It's just your worldview is pretty black and white. All of these teams ultimately answer to executives that report to a board, that board is guided by a Chief Legal Officer that engages with regulators among other groups. Some guidance will come back as direct control. A lot might come back as soft preferences / guidance to executives.

My worldview considers the existance of lobbies and human neglect. It seems more nuanced than "believe the management" rethoric.