They ARE regulated and with good reason. With various degrees of severity, of course, but they are regardless regulated.

If you're old enough, do you remember LimeWire? You're telling me that you would genuinely prefer every digital transaction made to be like trying to download a song from there, where you have zero guarantee that you're getting what was listed or something entirely unrelated?

Now, there are arguments to be made against over-regulation. Even with the problems of its current state, I prefer today's version of Steam over the old-school, where quirky, niche indie titles can exist right alongside your AAA behemoths instead of nearly nobody being able to get approved onto the storefront...but, imagine, if you will, if it had zero regulation...much like you're demanding. You see what seems like a nifty, new title from an up-and-coming developer. You hand over your $19.99 for the title, as it seemed neat. You download it, try to fire it up, and your anti-virus goes nuts. Turns out, this was nothing more than a clever ruse, attempting to spread a common virus. What's your recourse in this scenario? Well, there isn't any. There's no regulation, why should you be entitled to a refund? That is not a market that I want to live in.