Some things may come to the needs of the many over
the needs of the few. Appliances are not GE's primary core business, that's why it is/was for sale. Maybe they are reconsidering though. It's healthcare, nuclear, jet engine, locomotive, and lighting are.
The USA has a Federal Trade Commission which regulates monopolies, etc.
If thy were non democratic, as in the former eastern bloc, they'd have never broken up AT&T.
Take BSHC just for example. It gets complicated because although Bosch brands are all under the umbrella, there are still enough various price points, and brands which do not monopolize. You have Gaggenau at the high end, Siemens in the middle and the US division's products at the low end. If GE, Whirlpool and Electrolux were way smaller competitors, they would file a lawsuit claiming a monopoly and unfair competition.
Then we have the FCC which regulates broadcasting, and communications. Military devices take precident over all consumer devices. They must accept all interference from the former, but may also not cause interference to them.
General Motors had a chance to build a safer car before federal safety regulations came along. Did they learn from the mistakes of the Corvair? No.
The there are regualtions made to try and help consumers and insurance companies save money. The 5 mile per hour bumper standard for example. it was meant to reduce frivolous small insurance claims. It also added weight, flat in the middle of the 70's oil crisis, and hindered styling. It is no longer.