The origins of the SPAC, an acronym that has taken on a life of its own with the actual name falling into disuse, are not recent. In fact, as a concept, it's 300 years old - originating in a time of corporate malfeasance, fraud and abuse of investors.
As a vehicle, then, it's perfectly suited to be recognised by regulators who think they are being progressive.
Oh, and it's a near magical route for the expatriation of funds generated by organised crime i.e. money laundering.