The argument should be stronger since the vast majority of regulation is as you say, the cost is not worth the benefit.

All regulation by default is anticompetitive and also comes with the risk of intended consequences, and thus must prove that they provide sufficient benefit. They are "guilty until proven innocent".

e.g., rather than trying to "just do something" about games, maybe we should revisit copyright law as a whole, instead of slapping a bandaid on a festering wound caused by the first bandaid