It is in the public interest to regulate companies. This is the best tool we have to promote a healthy market with fair competition, and to ensure companies make safe products that aligns with the public interest.
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But what if a company is too powerful and has an unfair advantage in the market?
For example: Say a company is able to make excellent ear buds – the best in the market. Apple obviously doesn't want to loose out on AirPods profit, so they then decide to deliberately make it a poor user experience to use other ear buds on Macs and Iphones. Now it is impossible for better ear buds to compete with AirPods because Apple abuses an unfair market advantage. Furthermore, this heavily decentivices other companies from even entering the market.
I see your point about the dangers of allowing governments to overregulate companies, but it is also dangerous to let companies freely do whatever they want. Share holders will happily screw over consumers and society for a tiny increase in profit.
In my opinion, right now there exists too many unhealthy markets – especially in technology – and I would like to see more regulations akin to what EU is doing. US is dropping the ball hard on this one.