Yeah, regulating the entire video game business might be worse IMO. (And who's to say the head hancho regulating everything will be fair to either the consumers, or businesses, or consumers working at the businesses?) At least we still have a choice not to pay for something.
Plus, if we try to illegalize video game microtransactions, & such, (randomized lootboxes I can understand) that might extend to stuff like legit DLC upgrades, free-to-start download games, and such, (no more new SSB fighters, glitch-fix updates, or playing Angry Birds or Sonic Dash for free on your phone) because politicians, and such can't tell the difference, and are ignorant about the differences in video game content.
I actually see people who don't understand the difference between say randomized lootboxes, and buying a new DLC fighter for SSB, that the SSB developers spent over a year to make, and license.