> The answer is extremely, extremely simple actually: because the outcome of that would be bad, while the outcome of controlling misleading advertising is good.
I don't think that is how law should work. For some people the outcome of regulating free speech would be bad, many wouldn't care, and for many people (for example, for the President and his team, some of his supporters, members of the government) it would be great.
There is no such thing as "make something better for everyone". It is always "make better for one and worse for another". For example, if you raise minimum salary there will be people upset with that (people who pay the salary; people who see the prices raise).
Also it would be better if the law would be precise and there would be no need to interpret it in someone's favor.