Regulators don’t (yet I suppose) care about this because of opportunity cost. If I’m making $3/user/mo off your $10 subscription and I decide to enter the market and compete with you at then every user I steal and every user if not for me would have gone with you costs me $3/mo plus cost of providing them service. So if I’m able to still undercut you then either I’m ridiculously more efficient than you or you have fat margins.

Neither of these are true so something else is going on here. Either I’m bleeding money and this is some strategic play in which case it might be unfair for different reasons, or the market is segmented and we actually have two different customer bases with insignificant cross pollination.