All successful markets in history have been regulated to some degree. A market requires sellers AND buyers and buyers will flock to a market where they're not burdened with the cost and expense of having to do their own research and investigation before even considering a purchase, never mind actually completing a trade.
Completely unregulated markets simply don't scale in terms of successful trading - the regulation replaces the work each buyer would have to do and thus is actually more efficient than having each buyer replicate the work of the regulator. This is why they have been out-competed by regulated markets in the course of history.
I don’t understand your point - there’s no symmetry there.
Regulated venues dominate nearly every sphere of trading in terms of volume.
They have done this by being more attractive to buyers and sellers than unregulated venues - i.e. regulated venues have out-competed unregulated venues.
In the market for trading venues, regulated venues have won.
Completely unregulated markets simply don't scale in terms of successful trading - the regulation replaces the work each buyer would have to do and thus is actually more efficient than having each buyer replicate the work of the regulator. This is why they have been out-competed by regulated markets in the course of history.