TLDR; 1700's English (Latin origin words) was closer to their true Latin definitions.
You realize that the term regulated is different than governed or ruled. The closest approximation for regulated would be to supply in a measured fashion or a pattern which follows a rule. It is from the Latin Regula. A SCUBA regulator does not rule you, it supplies, in measured order, breathable air, which your lungs survival depends on the supply by the regulator.
You need armed men to supply a militia or army. Regulated does not imply government run or even being associated with a militia it implies having armed men available should the militia (we had no standing army at that time) need them.
for reference:
"A well regulated Militia, being necessary to the security of a free State, the right of the people to keep and bear Arms, shall not be infringed."
This also has the side benefit that even with our more organized military of today, if invaders were all over US soil, the citizens could rise up as one unified militia as well to protect the country. Not something I ever hear anybody discuss much, but absolutely nothing is going to stop citizens from protecting themselves if a war breaks out in US soil.
