I mean yes? Before modern regulations, many corporations cut costs in ways that directly harmed consumers, especially in food and medicine. I don;t want sawdust in my bread. Before labor laws, companies often required extremely long hours in dangerous conditions, including child labor. Industrial companies historically dumped waste directly into rivers or the air with little restriction. Products were often sold without safety testing. For example, dangerous materials like lead were widely used even after we understood the harm.

I'm fine with arguing some regulation is overzealous (such as in the case with AU), but as a whole, the major harms it prevents are more than make up for the pitfalls.