So if you are a small cosmetics company the FDA will prevent you from selling your product without thorough testing but if you are a large cosmetic company you can simply tell the FDA that everything is OK. This benefits the larger companies and therefore, monopolies. Strikingly similar to how the FAA seems to operate with Boeing and look how that turned out.
The real root of the problem is probably that the FDA is also a monopoly.
If you believe that, please explain to me why the BBB exists, and what positive social purpose it serves. It is the poster child for a toothless opt-in 'regulator', and it is worse than useless at dealing with malfeasance by its members. (But it's pretty good at collecting membership dues.)