At the time, “regulate” was understood to mean “cause to function well” as in: members had appropriate equipment, knew how to use it efficiently, and were trained to work with others well. Used that way today, you would be expected to buy your own M16 & ammo, practice with it, and periodically train with your local squad. This in no way infringes on your right to own what you want and use it responsibly.
Somehow the term “regulate” has been twisted into the modern meaning “suppress, interfere and harrass insofar as outright prohibition cannot be achieved” - not what the Founding Fathers had in mind.
Gosh. And somehow the phrase "to keep and bear arms" has been twisted into the modern meaning of "keep with" and "carry" instead of "maintain and take into battle". But that's OK I guess. Living constitution and all that.
Even if the term "regulate" was abused the way you say (which it's not), the term still only applies to the Militia ("A well regulated Militia") not to the the right of the people.