Thee monopoly on regulation by the feds is the problem, not regulation itself.

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Court judgements punish the guilty, regulations punish the innovative and the poorly-politically-connected.

But yes, capricious regulation by remote, centralised, consequence-immune, virtue-signaling midwits is assuredly a worse problem...

How does regulation work without a monopoly? There'll be different 5 rules and you can just choose which to follow?

Yup!

And the one you follow gets stamped on your product and consumers choose the one with the best reputation (or the cheapest one with the worst reputation when they want a deal)

Then it's "advice" not "regulation".

Fine