New rules take time. Depending on the complexity of the regulation it can take a year or two to write (lots of internal reviews) and then there's a long statutorily-required public comment period during which an agency is required to read and address every comment. For this regulation, the public comment period appeared to start Jan 8, 2023.

You can see the public history here: https://www.regulations.gov/docket/FTC-2023-0007/document

Because that administration needs red meat to activate their base ahead of an election cycle

Same as student loans. It’s election season.