Depends on the time horizon you look at. A completely unregulated market usually ends up dominated by monopolists… who last a generation or two and then are usurped and become declining oligarchs. True all the way back to the Medici.

In a rigidly regulated market with preemptive action by regulators (like EU, Japan) you end up with a persistent oligarchy that is never replaced. An aristocracy of sorts.

The middle road is the best. Set up a fair playing field and rules of the game, but allow innovation to happen unhindered, until the dust has settled. There should be regulation, but the rules must be bought with blood. The risk of premature regulation is worse.