Regulation is fine concerning what kind of environment a product is produced in and what ingredients are used to a lesser extent.
But I guess, what does regulation actually mean to you? What has regulation done for cigarettes? Processed foods? Take a look at the pharmaceutical industry where tons of drugs have been released that have caused a myriads of deaths, but still remain on the market because of what exactly? Hell, the FDA has approved using god damn flame retardants in foods... Does it really make you feel better about using these products because you've been told they're regulated?
So yeah, I'm not going to call the FDA a complete scam. It's nice to have production environments regulated, but outside of that a large portion of regulated products are filled with unhealthy ingredients with a stamp on it to make you feel like everything is just fine. Money and power decides what the FDA says it's okay for you to consume at an acceptable risk vs reward for the government and businesses involved. If you think it's about your health, I guess ignorance is bliss. The end results is you need to decide what you're willing to put into your body and not rely on someone else to do it for you. But really, they're kind of a scam though.