It is a natural resource really. Spectrum and its bands stretches from visible light for example all they way up to X-Rays and gamma rays etc. When it comes to commercial bands like the ones we use for Radio, TV and Cellular Networks...each country has a body that governs who may use it and what frequency you may operate on. This needs to be regulated to prevent one provider interfering with another.
This is the kind of thing that we went into @ physics class in highschool if I remember correctly. I also remember I completely sucked at it and switched subjects very soon after lol