Exactly.

The modern conservative position "against excessive government regulation" is analogous to the historical argument that the civil war was over "states' rights".

Back then, it was only about states' rights specifically as it related to a state's right to legal slavery to prop up their exploitative economic system that perpetuated the wealth and prosperity of the elites at the expense of everyone else.

Now it's only about "excessive regulation" against deceptive and manipulative business practices designed to prop up their exploitative economic system that perpetuates the wealth and prosperity of the elites at the expense of everyone else.