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It would be one thing if they really were banning it due to health concerns. But that's not why they are doing it. It's about money as it is the only thing they care about. Someone is paying them to prevent competition. So much for free enterprise. Also, to own da libs.
They'll change their mind once lab meat eventually becomes a tenth of the cost with ten times better taste than the real thing.
I doubt it'll ever taste as good as the real thing, but I can certainly see it eventually being cheaper if we ever cut out the massive subsidies.
It doesn't really need to be as good as a steak. If you can get it good enough to be used as an ingredient, like as ground beef, for stewing, or steak tips, then that's a huge part of all beef production.
Of course, a lot of those kinds of beef happen because they're already not good enough for steak, but it's something.
There are also many more types of meat than beef.
And they are analogous such as with whole chicken breast in chicken parmigiana and shredded chicken in chicken salad. Beef was just a concrete example.
If they can fine-tune the ratio and distribution of fat/muscle it could very well be the most delicious meat ever eaten, but that's a big If that will take years (probably decades) of research.
However I can absolutely see it becoming cheaper with a couple years of streamlining the process.
There's more to flavor and texture than just the ratio of fat to lean, not to mention the color. Consider farmed vs. wild-caught fish (especially salmon), pastured vs. caged chicken, grass vs. corn-fed beef, etc.