Regulatory capture (See: https://en.wikipedia.org/wiki/Regulatory_capture) is simply a fact of life in strongly capitalist economies & part of the campaigning & negotiation progress. It's not an excuse to abandon regulation.
As I noted above, countries are starting to regulate big tech in ways that Microsoft, Google, Amazon, Apple Inc, Facebook, etc., object to & lobby strongly against.
Governments in Australia, Canada, & the EU are taking increasingly more regulatory stances against the worst excesses of big tech & of course, our media gets flooded with how terrible an idea this is & that our children will starve & the sky will fall in.
That big tech are making so much noise & being so hysterical is a good sign. Let's not regurgitate their rhetoric but stick to discussing the reasons why they need regulation in the first place! 😉