I don't think it has anything to do with regulations. Despite their platform being as much anti-Republican as they are anti-Democratic, the Tea Party has either embraced or been taken over by the absolute WORST examples of politicians on the right, with candidates who make me fondly remember President Bush.
The problem with the Tea Party is that they aren't a new group with new ideas, it's the same "government = bad" (except when it's not) bullcrap that's been the core of extremely lazy Republican campaigns for decades now...only it's got a fresh coat of paint on it and the timing is good for gathering up a lot of pissed off voters. Don't get me wrong, I think it will have an impact on this election cycle, but only because the usual rhetoric is especially attractive to a disillusioned public. But they don't have enough substance to last for very long, IMO.