The technologists and venture capitalists who go to events like CES love comparing the current internet of things to the Wild West: lots of people doing crazy, creative things on the frontiers of computer science and engineering. The comparison is a good one, but one that makes the case for FCC guidance.
Innovation is wonderful, but on its own it's not the holy grail. Other things matter just as much in creating a great company or product, most notably execution and focus. Apple excels at these things. That's why I use an iPhone and iPad. Innovation without execution produces footnotes to history, such as the Xerox Alto and Star.