Neither take is correct. When correctly applied it can be an effective tool to encourage certain sorts of intellectual endeavors by making them monetarily favorable. When incorrectly applied it leads to dysfunction as is the case for most regulatory regimes.
Any tool can be used by a wrongdoer for evil. Corporations will manipulate the regulator in order to rent seek using whatever happens to be available to them. That doesn't make the tools themselves evil.
Any tool can be used by a wrongdoer for evil. Corporations will manipulate the regulator in order to rent seek using whatever happens to be available to them. That doesn't make the tools themselves evil.