People understand what a plank of wood is and how it works.
People, including the vast majority of politicians, don’t understand our technology at all. It’s magic. Why does a light come on when they flip the switch? Magic. Computers are deep black magic.
How can they write effective regulation? Or tell the difference between proposals that are good or bad written by others?
If politicians regulated big tech more we’d probably end up with a ton of regulatory capture that legislated monopolies for big tech and shut out open source and startups, because who has the money to influence the ignorant lawmakers at scale?
We are now in a world where small groups of high priests understand certain things, and few others. We’ve been there for a while but it’s gotten far more opaque in the last 25 years or so.
Even something like a nuclear reactor or an aircraft is much easier to explain. The last episode of the Chernobyl series did a great job explaining what was wrong with that reactor design to a layperson. But computing… and networks… people who do understand it have forgotten just how ludicrously arcane and inscrutable it is to most.
A big difference too is that by the Church-Turing theorem there is (as a side effect of it) a provably infinite number of ways to perform any computation. Which means you can’t just legislate “don’t do that.” Physical machines are not like that.
We can't do that any more; the people who support tech regulation are so cartoonishly anti-corporate that any suggestion of embedding somebody who understands tech will be met with accusations of lobbying and a careful review of that person's employment history.
It's obvious to pretty much everybody that regulating banks, railroads or phone companies requires people who have previously worked for banks, railroads and phone companies, and have a good understanding of how such organizations work on the inside. We, generally, don't do that with tech.