The problem is that the regulators themselves are insanely corrupt - how else would you explain the emergence of proposals like (thrice-resurrected) Chat Control, that clearly is harmful to every citizen of the EU, and I have yet to see a single individual supporting it.

Every governing decision and rule is either fully made by powerful shadow interests, proposed by said interests and is only thwarted (for the time being) by some politicians on the other side or made out to be benign or even beneficial but is in actuality compromised in some major way.