It literally does not, as evidenced by the state of chargers in the 2000s and early 2010s, before the EU threatened to regulate if phone companies didn’t get their shit together. Back then you’d have a different charger design for virtually every phone, including new models of the same phone. USB only became ubiquitous because the EU told companies to stop fucking around and legislate themselves, or the EU would make formal legislation. Most companies got the memo, but Apple decided to be cunts for long enough that the EU decided they needed to finally step in.
Consumer-based regulation being the end-all is based off the classical- and neoliberal ideas that humans are rational actors and companies have a greater incentive to compete than to collude. Both of which are lies.