Compliance is still a burden. Even if you write the law, eventually the bureaucracy that was willed into existence will start living its own life, imposing new restrictions and basically making your life miserable. Still, the profits from keeping the field restricted to a small circle of largely non-competitors helps to offset that.
That being said, I don't know why you think that only a small community will see this as self-serving. It's not subtle even though it may be unavoidable.
In the scenario where the current wave fizzles out and we have another AI winter, one risk is that we'll be left with a big regulatory apparatus that makes the next wave of innovations, the one that might actually get us all the way to an algined-AGI utopia, near-impossible. And the regulatory apparatus will now be shaped by an org with ties to the current AI wave (imagine the Department of AI Safety was currently staffed by people trained/invested in Expert Systems or some old-school paradigm).