The traditional method of regulatory capture is not to purport to solve a problem that doesn't really exist, it's to go look around for whatever people are actually worried about, over-hype it if necessary, and then propose a solution which shuts out competitors whether or not it does anything about the problem. It may even reduce that specific problem while still being intentionally crafted to shut down competition.

This is not incompatible with honest people having legitimate concerns about the original problem, because the dispute is not existence of the problem, it's the net benefit of the proposed solution.