I believe, though I could be wrong, that for a person to be penalized for fraud, someone has to have suffer damages.

I think it should be illegal to simply mislead for financial gain. Think ads that intentionally exaggerate thier products, influencers who will claim to love some product and use it all the time, when they have never even tried it. And media that puts such a heavy spin on things that in court they claim that no reasonable person would have believed what they are saying as a defense.