They were the people who said you couldn’t sell bread with sawdust in it, or lie about your bread having sawdust in it. Which is what America dealt with before regulations.
Other fun considerations are things like phossy jaw, a fatal condition caused by companies forgoing safety at a cost of 1% of their revenue, until regulations were imposed.
Certainly, there is a such thing as too much regulation, but too little is also demonstrably bad.