Hedge Fund Fees

The typical 2&20 hedge fund fees have always seemed to me to be on the high side, but of course the price has been set by mutual and voluntary agreement, so my opinion was irrelevant. But many commentators, despite understanding that the fees were set in a free market, have called for regulation because they felt that the amounts were "exorbitant" and that the market simply didn't, and can't, "work". Now it turns out that the market is beginning to re-price, without the need for any regulation. I wonder if the pundits will recognize this and start calling for deregulation of other markets they claim "don't work"?