Hobbyists have had FPV in RC planes and helis for 10+ years, but it's easy now so everyone is doing it. You don't need to know how to solder, program transmitters, cobble together TX/RX equipment, have a ham license, etc etc etc. There wasn't a problem before, because the types of people who would cause problems and do stupid stuff didn't generally have the patience / skills to get it working to the point that they could actually do damage with it. It's cool that this is a more accessible hobby now, but kids being kids without the adult supervision that would have come with affording, designing, acquiring, assembling, and flying + operating such a device is gone with cheap drones + the internet.
I think that regulating it will be bad for hobbyists. Drones are already banned in national parks and some city / county parks (shame since there's an entire category of "park flyers" and few AMA RC flying fields in the Bay Area). I've given up on RC flight for now, but drone racing in warehouses and parks seems insanely fun.
It was my understanding that the FAA already tried that, and thanks to the efforts by a certain drone operator and the AMA, the registration process and rules basically reverted back to what they were for all RC aircraft, provided your aircraft was under some weight limit (I think it was 50 lbs):
You still have to register if you are flying your drone for commercial use, and you still have to follow a variety of other rules and regs worked out (quite a long time ago) with the AMA - but provided you do all that (and they aren't onerous from what I recall), you can basically fly almost anywhere you want.
I should note, though, that it is probably prudent to get and fly under an AMA membership. It's fairly cheap insurance, ultimately.
All that said, unless I am wrong - this could all change after Labor Day:
In the UK drones are lightly regulated by our equivalent of the FAA, you can freely fly a drone so long as its below 400ft, 50ft or more away from other people, and you have visual contact with it. For anything outside of that you're considered to be a private pilot, and have to be licensed accordingly.
I think that regulating it will be bad for hobbyists. Drones are already banned in national parks and some city / county parks (shame since there's an entire category of "park flyers" and few AMA RC flying fields in the Bay Area). I've given up on RC flight for now, but drone racing in warehouses and parks seems insanely fun.