Don't forget that Musk is completely biased here, and his representation of the history of those laws are likely to be tainted by that bias. I don't know the full history of why these laws were put into place, but I wouldn't trust Musk to tell me the full story when he's clearly trying to paint a very specific picture.

I was impressed by the fact that he bothered to offer an explanation of why the law was introduced and what purpose it served; it makes for a more compelling argument than some cookie-cutter rant about Big Evil Corporations wrapping their rent-seeking tentacles around the government.

Cookie-cutter rants are rarely published by people with skin in the game.

I suspect it's the same general mechanism as even the most liberal of recent US presidents strangely doing the bidding of the military-industrial complex. (Obama and Carter.)