You are absolutely right, but there are even more reasons for regulation.
What has everyone in the industry spooked, is that we are losing control over them. AI agents, running current frontier models, were able to break out of their sandboxes, cooperate and hack a third party. This all happened at OpenAI, the company which hires the best and brightest to control them. If they can't control them, who can?
That's with the technology that we currently have. And that technology is rapidly progressing... so, whatever they are capable of now, it might be childplay compared to what they will be capable of in a year or two. Now, if we don't take a moment to think about how to control them better, we risk of running head first into a world, where these things could go rogue and find ways of exerting control over us, rather than the other way around.
That's why we need an international framework to deal with this. But, sadly, that's not going to happen soon, since our world leaders are far from the best and the brightest at this point.