What's going on? My suspicion is that many people see no alternative to government regulation when it comes to protecting consumers, even if they understand that politicians are often in bed with top industry players, that lobbying and regulatory capture largely corrupt the system. It's not great, but we have to do something, right?
Actually, there is an alternative to mountains of regulations. Instead of having governments micromanaging whole industries, to the detriment not only of consumers but also of smaller businesses that can't afford armies of lawyers to wade through all the red tape, we could rely on 1) simple rules about obvious cases of fraud and other outright crimes, and 2) the bracing competition of a freed market. If some companies try to charge too much, reduce quality, limit selection, or in any other way screw over their customers, they will lose those customers to competitors—as long as potential competitors are not prevented from competing by regulations largely crafted by entrenched players.
But don't take my word for it. (You probably won't, as according to the Edelman survey, bloggers are not very trusted.) Instead, take a little time at some point to explore what some different economists have to say about regulations and how well various markets work compared to how regulated they are. If I'm right, it's not about which people to entrust with power; it's about trusting a process that spreads that power around.