That’s the point - Entry will appear very cheap, very easy, and very lucrative, so people will jump to it.
And exit - may often become Very difficult !
Reason - options market dynamics and pricing mechanism work in a complex way. Black-Scholes is widely followed model, but it is highly skewed and improper. What you expect in theory and models, may not happen in reality.
Add to it the cases like many F&O securities very frequently getting into F&O ban period - that’s when you may see the profits theoretically, but wont be able to encash them in reality.
No market or broker can guarantee that your combination (involving multiple option positions) can be entered/exited at your desired levels. Its a new ballgame altogether and in the US it works as brokers and marketmakers are available to suffice.
Now the whole summary 
Irrespective of we all agreeing/disagreeing/supporting/opposing each other - nothing would change by our beliefs and thoughts.
Regulators are the deciders, and they operate as an institute. No one person takes a decision. With decades of experience and exposure, they know the holistic picture much better than you and me, and they take the right call.
This has been a great discussion thread and as of today, I believe the markets are working perfectly and are best regulated in the interest of all common traders.
FYI, related thread: