Comment This isn't about regulating themselves (Score 1) 59
So lets say I am ahead in a field and have a few up and coming competitors. There is a simple solution to the problem, lets get the government to regulate us all. This causes our competitors to massively slow down as they have to respond to the regulations that I wrote (I don't have to slow down as much - I wrote the regulations such that I am already following them of course). There is also a cost to complying with regulations - it tends not to scale with size more like a static cost. As a large incumbent I can spend a billion dollars complying with regulations. That small startup can not spend a billion dollars to comply, even is I can limit my costs to something I can afford to pay - that is money I am paying regulators not engineers making my product better.