The CEO couldn't possibly take personal calls from every investor after going public. I don't feel particularly bad that someone can't get privileged information from the company that wouldn't be available to other investors. These regulations are for fairness.
You are correct that the CEO cannot favor investors due to SEC regulation and simple fairness. However, the issue raised is that companies use these regs as an excuse to draw the curtains and provide less information on the whole.
This is bad for economic decision making on the whole. For example, it leads to greater volatility and securities prices that don't track value. It also places managers into a kind of priesthood with privileged access to information. Abuses ensue.
The CEO couldn't possibly take personal calls from every investor after going public. I don't feel particularly bad that someone can't get privileged information from the company that wouldn't be available to other investors. These regulations are for fairness.