[openplatypus]

> Bad idea,

No, the idea is solid.

> bad regulation,

In parts, you are right.

>bad execution.

Agreed.

> The people that care about it already knew it.

Sadly, it is not so simple. There was and still is a group of people, “The people who did not know it, but would care if they did”.

> The companies would come up with something better if there was a real problem

Company, for the better or the worse, is usually oriented towards benefits of shareholders, not users, customers nor societies. Don't get me wrong, there are companies that are not evil. But how do we know which are? Luckily, we have laws that prevent escalation beyond certain norms and protect those, who are not shareholders.