Regulation can ensure there's less risk of abrupt shortfalls and price spikes (eg mandating headroom for peak production, or usage rationing). Record heat waves aren't exceptional now.
Griddy had at its peak like 29,000 customers. There are >9M households in Texas. 29,000 / 9,000,000 = 0.0032. So like 0.3% of households in Texas were Griddy customers, by far the biggest provider of these spot market based plans.
Its insane to me how blown out of proportion those stories were received by people outside of Texas. An extreme minority of people directly faced those kinds of massive bills. The real story was more like how were the co-ops and municipal power companies going to handle the bills they faced, which actually does impact a number of consumers down the line, but everyone focuses on a tiny handful of people that got $20k bills because they gambled on the market.
But hey, as evidenced here tons of people outside of Texas really think that's how electricity works in Texas. People in this thread, that some massive chunk of households actually pay spot market rates. Which now its really pretty much 0%, as for regular household plans that style is illegal, so you'd have to do some weird tricks with the power company to get on some kind of spot plan in your home.