We already know what happens when regulations are eased. People die, profits soar, workers are abused. It isn’t some philosophical theory, it’s what happens. It’s what has always happened throughout history.
That’s why there are regulations in the first place. Because horrible things kept happening to people and we collectively decided that it would be better if that didn’t continue. Shitty things happened and as a result, regulations were put into place. That’s what happened and that’s the reality we live in. To suggest otherwise is to live in a fantasy land.