Except that in an unregulated free market you can destroy your competitor by lying about their products irrespective of how good they may be. With enough capital you can put them out of business by selling your own product below cost so they go under. You can manufacture faulty products and package them as being made by your competitor. You can even steal your competitors ideas and there is nothing that they can do about it. And best of all none of the harm that you cause to the hapless consumers and your competitors can ever be held against you because this wonderful free market is completely unregulated.
And that doesnt happen today in the US, right?
Actually regulation has nothing to do with that. Those are tort offenses and there is a legal system designed to curb that. But the offended party is the company, not the government.
No one is suggesting dismantling the legal system.
So you are simply wrong.