Regulated doesn't mean they control all VPNs, it means they usually have laws requiring any use of VPN to be licensed, and usually is allowed for businesses rather than individuals. They also block via their firewall many providers. Of course, you could always use one illegally as long as traffic isn't blocked. Just don't get caught.
Same in Russia. I worked with a banking company that had a Russia office, and the company had to get government approval for the BOVPNs that were used.
Security and testing localization will be big use cases. But privacy and or using banned apps, no so much. They don’t call it the Great Firewall for nothing. ISPs, VPNs, etc.
If you want to use western social media , it’s not as simple as jumping into a VPN.