[jfengel]

It's not so much a capture as a hodgepodge. There are a great many interests, and even in a good faith environment it would be a challenge to get everything right.

Add to that the fact that it's not a good faith environment. There are many forces, not even connected to the industry, who fight to lower prices at any cost. Even if it means finding out too late that you're not actually buying anything at all.

The laws and regulatory environment are "the best compromise people were able to get at the time" rather than any kind of cogent plan.