In food, the online consumer revolt started with one former corporate lawyer Bethtina Siegel. As a mom of two and a blogger she was able to get the ball rolling on banning Pink Slime or LFTB (lean textured beef) from ground beef products.
Her target was school lunch programs overseen by the Agriculture Department, explains Helena Bottemiller Evich in Politico. Here is that article.
The logistics included a petition, posted on Change.org. It asked the the Agriculture Department to stop including LFTB in school lunches. About 260,000 people signed. The mission got accomplished. And that was probably faster than any official regulatory agency could have pulled it off.
Soon enough there were lots more online initiatives directed at food and beverages. Then it spread to other categories such as financial services.
Should the regulatory infrastructure in the U.S. feel threatened? Not really. It does more than make the rules. It also enforces them. Formal official watchdogs will likely always be needed.