Wisdom is obtained over time. Those prior generations have less experience than we do - which is why things like slavery and male only land owners being able to vote are no longer a thing - we obtained more wisdom.
That doesn’t mean future generations can’t make mistakes (the last few years are full of such), but there is nothing inherently wise about prior generations. It is a fact that they have less experience than we do upon which to base decisions. Things being illegal in the past is no basis for declaring it wise. Again, history is full of things there were once illegal that are no longer such today - and for good reason.
To protect the owners. Seriously. That is the very nature of a corporation. It has nothing to do with the customers. Even when corporations did not exist, sole proprietorships, DBAs, and LLC still existed for the benefit of the owners, not the customers.
Such legal structures have NEVER been about the benefit of the customer. Trace the history of corporations to the “joint-stock” shipping companies of Italy in the 13th century and even then it was about the owners, not the customers.
That doesn’t mean, and I never stated, that customers are not important to for-profit corporations, just that they are not the most important thing, never have, and never will be. The REASON corporations exist (as a legal entity) are to benefit/protect the owners.