I would pay money to see that done! The subject is really not talked about in our schooling well enough; we hear a lot about how throwing off a monarchy meant we now have a legislature and a president, but the transition from colony-under-king to republic carried the judiciary forward as a largely feudal institution.
Under feudal/colonial rule, it used to be trade associations or guilds that would write rules to govern business conduct, but those typically required signoff from the local Lord/Governor’s son (or deputy) to be enforceable- the switch to a republic meant there really wasn’t an analogous executive signoff so it’s not surprising that American corporate power would eventually forge private administrative authority into a sort of sovereign/antidemocratic right to rule their spheres… right up to the point that state and federal governments decided to impose regulation on them.
This conflict, between advocates of private vs public administrative rule, is one of the central threads of the conflict between today’s oligarchy and American democracy and it gets far less attention than it deserves.