I fail to see how market failures are not a reasonable point to look at whether governmental solutions are applicable. Case and point - 2008 Market Crash, ever

I fail to see how market failures are not a reasonable point to look at whether governmental solutions are applicable. Case and point - 2008 Market Crash, everyone agrees the dishonest practices that led to the crash should have been made absolutely illegal (in the cases where they already weren't) In this case, we have MANY significant and potentially extraordinarily damaging failures in the markets to effectively protect people's privacy occurring fairly regularly. GDPR is not the ideal solution my any metric, but that's a failure of government to create effective legislation - not a lack of need for effective rules.