That is...literally the point of government...
If you meant, that something shouldn't be banned just because it is dangerous, most people would agree with you. But almost everyone would agree that regulation of dangerous things is essential.
The preamble of the U.S. Constitution literally states that part of its purpose is to..."promote the general Welfare."
Literally, the First Congress made up almost entirely of Founding Fathers passed laws regulating dangerous things...
If you want to use a nonstandard definition to suit your own ideology you're free to do so but don't expect others to join you.
I would change my opinion if it could be shown to have the negative physical harm that your cocaine example implies.
What will the mental health of society start to look like if every person who's on the edge has a computer to tell them they're totally correct and everyone else are haters?
When AI behaves sycohphantically towards someone, it can encourage and exacerbate any mental health problems they may already be having, especially related to social isolation.
chatGPT is a sypcophant and without regulation any AI company can and or will juice their algorithms so their AI system becomes cocaine for the millions of lonely to unsatisfied people out there.
My friend has a partner of 30 years but their relationship is that of roommates. If you think she is not you that might be correct but you know someone like her and possibly many like her. Unsatisfied, not able to get that movie type love / romance / fantasy and now unfetterd AI can get these people hooked like cocaine and into the depth of zero reality!