A totalitarianism without the reaction is like weed without the smell. It's unnatural.
How does that even work?
The clique that manages the regime controls the actual executive functions because, of the 10 syndicates that make up the government of Carnaro both in the book and in OTL, one was literally reserved for Nietzschean overmen, giving them outsized real power to match their propaganda efforts. They attack and harass bourgeois elements with impunity and brutally repress communists (how can a movement from the last century represent the future?) but women have the vote and equal civil rights, black musicians are treated as honored political refugees, and sex and drugs are essentially unregulated (except for cocaine, which is the province for the Minister of Vengeance Weapons).
They still have a hard-on for battle cries and mass rallies but Futurism was always more concerned with ushering in a glorious future through rapid violent action rather than appeals to a mythologized past. The main character starts to see the writing on the wall when Carnaro becomes an official Regency (with a Duke and all), but by that point elements within the US are very keen on importing Futurism and adapting it to a much greater American scale, complete with well funded weapons programs and propaganda efforts.