I think it might be useful to look at it like this: ethereum was multiple times said to be a commodity when it was PoW. There were many shitcoins other than it on its chain back then.

Only when it, the main coin became a PoS, and basically centralized did they start eying it. 

Besides, no one can take down the Bitcoin network, they can only try ;)

bitcoin

Binance to support 'ordinals'

to me it seems regulators have looked the other way throughout the years. i dont know why, maybe because "shitcoins" were sort of an attack on BTC network effects or maybe its just a coincidence. But now that the stuff seems to be getting built on Bitcoin the regulators may try to put an end to it? And if they do it may just be a coincidence again