Our free society lived with the alternative. And they collectively decided "the right to be defrauded is a false liberty, this is no the way forward, let us try another way."
And you know what? We've moved further forward, faster since these regulations were put into place. When people have trust that they're not being defrauded, they participate in the market to a far higher degree. When companies don't have to compete against charlatans, don't have to balance every dollar of research with a dollar of trying to educate the public about what is and what is not medically sound, they invest far more into their research efforts.