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?
