I haven't tried mostly because I think it is related to politics and I try to stay away from that on here. I'm largely a free market guy. It's difficult for me to bridge the gap you're talking about between paper money gains and material gains in reality. Material gains in reality feels a little touchy-feely, but I am sure there is an argument for smarter people to make that would address that.
I don't know the answer to your regulation question. But I see two things happening right now, and I'm OK with both of them. You had an initial short squeeze that really punished shorts on GME... I'm fine with that. Short selling is risky and seeing some of these hedge funds get their faces ripped off should be helpful in that it illustrates the risk involved. The other thing, however, is a Ponzi scheme where retail investors are all piling into GME in order to artificially inflate the stock price... That is not going to end well for retail investors.
There are also the issues with brokers like Robinhood trying to stay solvent. It's kind of what I posted above... Retail investors want "free" trading, but there are costs involved with trading and somebody is going to pay those. Usually it is through payment for order flow and regulators have been supportive of that because it means lowers prices for consumers. Not sure what comes of that in the short term. Probably nothing, aside from a lot of media hype about screwing the little guy without understanding how these things actually work.