That's a bit oversimplified. Humans have been creating authority systems trying to control others lives and business since formal societies have been a thing, likely even before agriculture. History is also full of examples of arbitrary and counter productive attempts at control, which is a product of basic human nature combined with power, and why we must always be skeptical.

No, regulation exists because we all agreed it's not such a great thing to allow any company to do anything they want with no consequences. e.g, pouring toxic waste into rivers.

But what started as a good thing has become a tool of those same companies to prevent competition. How we regulate needs to be rethought beyond the simplistic "more = better"

That can be, however regulation has just changed monopolistic practices to even more profitable oligarchaistic practices. Just look at Standard Oil.