It's the PSR rules that have basically stopped Newcastle doing what City did 15 years ago (and Chelsea 20 years ago) and just buying every other team's best players.
The rules are there to protect the established order and stop that happening again - the drawbridge has been pulled up behind them. If they weren't there Newcastle would easily have won the league by now.
It's not about "protecting the game", it's pure greed from the biggest clubs flexing their power to make sure they don't drop behind, and nothing else.