They're a US company not following US law.
> they launched from an INDIAN launcher
And? If it's illegal to, say, hack into your competitors servers and steal all their intellectual property, you don't get to mail a server to somewhere with weak IP laws, and then do all the theft.
> Seriously -- what power does the FCC hope to exert at this point?
Well, they can fine the hell out of Swarm (as the article explicitly states, so I'm not sure why you seem confused on this point)! That's what US regulators do when US companies violate US regulations, as (apparently) happened here.
> We live in a world where launchers exist in other countries
That doesn't do you much good if you aren't in the other country. If they wanted to not follow US laws, they probably should have moved somewhere else first.