While there are probably things that would be improved in a "proper" free market, I feel like that's overestimating the average person's ability to make informed decisions.

There will always be an information and power asymmetry between ordinary people/consumers and special interests/corporations.

Sure, people could form consumer rights groups, boycott companies with unconscionable data collection policies, demand a sane and afforable health care system, etc. But people have a limited attention budget. It's just too hard to care about everything, so people don't.

That's also why we don't have proper regulation; if we cared about having a functional, efficient government we would, but we don't really care that much.