Remember that the Wild West was not an unmitigated disaster. Sure, in retrospect, we might have done things differently. But that was then. This is now.
We had rapid growth and plenty of innovation in the relatively less regulated latter decades of the nineteenth century — notably the decades following the American Civil War. Also note the tremendous technological upheaval over the last three decades – the last generation, so to speak — an upheaval that might not have occurred, or occurred at a far slower rate, if we had regulators second guessing creators and innovators.
We have a situation where some high up in the tech/social media industry have called for regulation. We are tempted to ask, is this because of a sincere interest to serve what people say is “the public interest” (elusive words that can be interpreted differently by opposing sides)? Or do those who are entrenched because they created and innovated now want to embrace regulation as a way to discourage and prevent creativity and innovation from others who would challenge the one-time disruptors who in a short time are entrenched, and thus compete against the status quo?
Government involvement and regulation may inhibit entry. We do not want that. Remember, we have seen incredible disruption in the tech and media industries but such disruption has not necessarily been associated with huge amounts of capital. So, it is government that might create barriers to entry, and that would be tragic!