It's based on the premise that you know with some certainty what would have happened had you taken the opposite choice. That premise is false, you have no idea what would have happened if you had done things differently. Your life could be terrible, your life could be better. You have no way of knowing.
I believe the best treatment for it is to make sure you find satisfaction in your current situation. If you have that, then you never regret previous decisions. At least that's how it works for me!