I guess you've never had much to do with radio communications. It would be a dangerous mess.
That's the conventional wisdom. Overreaching gov't will "fix" and settle things.
But in fact history shows us that meddling gov't unsettles things. Why do people still trust in man and his gov't which thinks only about its own interests, growth, and income through taxes? Because it is visible. You can see the FCC and gov't agencies.
What about the far superior free market economy with its voluntary buyers and sellers, what Adam Smith called "The Wealth of Nations"? Well, you can't see the free market economy with its "invisible hand" that creates wealth. That is why it takes FAITH to maintain FREEDOM.
Because of the self interest (NOT "greed" as the pro-gov't Left calls it) in the voluntary cooperation between buyers and sellers in the supply and demand and open competition of free market, the marketplace itself would eventually settle on the most effective, lowest cost frequencies, protocol, and method of communications.
Good example is the internet. What gov't agency is needed to control it? NONE!!! The internet does fine without gov't interference.
What about healthcare? Until the 1950's and 60's. America had the greatest healthcare system in the world - the marketplace directly between patients and doctors without gov't interference.
LESS GOV'T, MORE PROSPERITY!