I know when it is used as a slogan at political rallies, and they just simply call out things like "these regulations, so stupid, why can't we dump waste in the river, they are reducing our profits".

It is all about profit. The environment, or safety, anything in the way of profit is called '"red-tape" and is put there by some do-gooder.

So, yes, I think I can infer when someone talks about getting rid of 'red-tape' what they are "meaning". But that is also why I listed several categories of red-tape, since some 'red-tape' should be updated.