For reference, see every highly-regulated industry everywhere.
You think Sam Altman was in testifying to the US Congress begging for AI regulation because he's just a super nice guy?
If you are paying for lobbyists to write the legislation you want, as corporations do, you get the law you want - that excludes competition, funds your errors etc.
The point is you are not dealing with 'humanity', you are dealing with those who represent authority for humanity - not the same thing at all. Connected politicians/CEOs etc are not actually representing 'humanity' - they merely say that they are doing so, while representing themselves.
But what started as a good thing has become a tool of those same companies to prevent competition. How we regulate needs to be rethought beyond the simplistic "more = better"