There are consequences from lack of regulation.
IMHO we should have banned Crypto currencies. Most every expert warned about the consequences if we did not. Now we are dealing with Crypto companies, with plenty of cash on hand, buying crooked politicians as well.
We should have banned user profiling for ads and content algorithms. We did not and we live with the consequences to our societies and democracy.
Now the AI companies them selves, kind of like the social media companies, are asking to be regulated, as they seem unable to stop them selves. What to do?
Sometimes I stop and fantasize about what life would be like if the invisible hand were real and we didn't have to wish for regulations. When genuine it's such a kind outlook on human nature :(
I really don't understand how those in the AI race see being the one who risks the extinction threat as a good thing. I don't see why the conversation isn't "I'm not going to do this, because if I do this and everyone dies it will be my fault."
Or even how most people I talk to accept the thought process of *wanting* to be the one responsible for human extinction.