You’ll probably get one of three outcomes: regulatory capture by monopolies, self dealing by bureaucrats to enrich themselves or gain power, or regulatory capture by self absorbed ideologues who halt all progress or force it down some ideologically approved path.
In none of those scenarios is anything aligned with the best interest of the people.
AI isn't like that. One problem is that it's rather generally misunderstood at this point. "AI" is not "intelligence". It's intelligence-adjacent, and something like LLMs is part of our psyche...the subconscious facility that allows us to form sentences without really thinking about it.
At any rate, I have to agree with most of the points the blog author brings up.