Isn’t there a gray area between unregulated markets and regulated markets?

A corrupt regulator could prohibit this for ride share industry only, to target under a pretext.

Manipulating market incentives could also reduce competition assuming an end goal is acquisition.

Of course with no regulation, corrupt players can consolidate power.

I would say unchecked power is more dangerous, so the question to me is if we presume regulation is good then how do we structure it so the regulators are regulated?