"Good regulator" is used here to mean that it is good at keeping the output "regular". That is, reducing the entropy instead of "a regulator which produces good".
On page 4 the authors acknowledge that there are numerous ways by which one could consider a regulator successful, then go on to say "In this paper we shall use the last measure, H(Z), and we define ‘successful regulation’ as equivalent, to ‘H(Z) is minimal’."
The fact that reducing entropy doesn't line up with maximizing utility is true, but the authors never claimed it did. Reducing entropy generalises to a lot of real world problems.
"Good regulator" is used here to mean that it is good at keeping the output "regular". That is, reducing the entropy instead of "a regulator which produces good".
On page 4 the authors acknowledge that there are numerous ways by which one could consider a regulator successful, then go on to say "In this paper we shall use the last measure, H(Z), and we define ‘successful regulation’ as equivalent, to ‘H(Z) is minimal’."
The fact that reducing entropy doesn't line up with maximizing utility is true, but the authors never claimed it did. Reducing entropy generalises to a lot of real world problems.