The problem is that what you're suggesting will eventually boil down to useless regulators. And then companies will do a plethora of suspicious things, and then you the consumer will suffer.
It's the FTC's job to do this kind of thing. If we argue it shouldn't be their job then what will we be doing? Nothing? We've tried the "do nothing" approach more times than any of us can count, and it doesn't work.
A plethora or suspicious things? If the companies are breaking the law, the FTC can sue them and win. If the companies are complying with the law, the FTC should indeed do nothing. If the law is bad, congress can pass new laws.
What's not OK is for the executive branch to not like the law, but be unsuccessful at passing new law through the democratic process, and then use the FTC to unsuccessfully sue companies in order to punish them (and threaten others) with costly legal expenses.
It's not that simple, because people don't know if they're breaking the law. The job of the FTC is to clear that up. It's a fallacy that laws can just be followed or not, almost all the time it's in a gray area.
I’m specifically talking about the situation where you lose almost all the cases. When that happens, it’s not called “clearing up the law”, it’s called frivolous lawsuits.
It's the FTC's job to do this kind of thing. If we argue it shouldn't be their job then what will we be doing? Nothing? We've tried the "do nothing" approach more times than any of us can count, and it doesn't work.