To tell a story, to even exaggerate one is something completely different from providing "prove" it did really happen exactly the way it was told.

There are many many people that will take an image as an undeniable fact of the real world. While before you could fake(photoshop) things it took more time then 30 seconds.

I wouldnt regulate these aspects, because I believe pandoras box is already wide open. Regulating anything wouldn't change much.