[anigbrowl]

The only people who are experts in a particular industry are the people running the businesses that make up that industry.

False premise. Most experts on/in a given field are employed within it, but employment/economic interest is by no means a prerequisite for expertise. Regulatory capture is a real thing, but it's fallacious to argue that because regulatory capture exists, governance is the problem. After all, markets are just as easily captured as governments, and businesses are open in their pursuit of market share and monopoly.