That's not the typical framing I see, it's usually "government regulations strangling private sector innovation" with the implication that there are no benefits.
> the benefits often go to the politically connected who can influence the regulations
The benefits go to a lot of people, or you could say that voting makes you politically connected. Politicians must balance many interests, including those of the politically connected and of the voting public. You don't want to be the politician who failed to protect your constituents.
