The fact that SpaceX + Starlink exists and wasn't regulated in to oblivion shows the US government will mostly stay away.

Starlink is heavily regulated. Or at least as heavily as anyone else using radio spectrum

Not sure what interest the government would have in stricter regulation of the rocket launching side of SpaceX. Environmental impact and impact on air traffic and boats is regulated. And SpaceX existing is strongly benefiting the US government. They are their biggest customer

Is it possible that our current government is particularly prone to under regulation of Elon Musks companies and that a different administration may in fact behave differently?