I didn't mean to suggest that no regulation was the superior option - just that the market isn't efficient because it can't be operated efficiently. The limitations on distribution of spectrum makes it an inherently inefficient market. Unlike with another natural resource like say, tree pulp or oil, I can't just import some cell service if I don't like your prices, that's why I call this a government enforced monopoly. If government decide to distribute an immovable resource in a way unfriendly to competition it results in a broken market.

Patents and copyrights are an intentional breaking of this market to encourage innovation - explicitly with the intention of creating a temporary monopoly. One can hope that government doesn't go out with the goal of creating a monopoly on cell service.