Well, there are lots of things I don't know off the top of my head. One advantage of non-profit regulation is that I don't need to, just as most people don't know much about water chlorination or natural gas pipelines. We can focus on more immediately productive endeavors. Even if that regulation isn't always perfect, there is a known mechanism for its improvement, which is another advantage to having the government do it - it is a bird in the hand.

I liked an example someone gave a while back: if a city tried to eliminate pest problems by paying for every dead rat, don't expect mass extermination - expect rat farms. By the same token, I wouldn't necessarily expect that the demand would be met with new/better products, I would expect it to be addressed in the cheapest way possible - cost cutting, purchasing other companies, advertising, spin, etc.

Misinformation campaigns include using the media to foment doubt about scientific facts, and they aren't always illegal. Fossil fuel companies and climate change is a good contemporary example.