I think that the truth is actually more terrifying: the regulation is rudderless.
This... It's perversely comforting to imagine there's a cabal of power players running the world from the shadows with uncanny ingenuity. In that scenario, you may not agree with the direction, but at least someone competent is at the helm. The scarier, more realistic option is what MSantori proposes, that no-one qualified is running the show.