A wild west market is not an efficient one. You need to have constraints, you just need them in the write places and none in the wrong places. The controls in place in the app store are (IMO) an example of the good kind. Look at the quality of the app store versus the Mad Max world of the Anroid store.
PG was wrong when it said Apple are jerks about it. The process is certainly slower than one would like but nearly all apps get approved. It's just an extremely noisy minority that are incorrectly setting people's perception.