Aviation proves every day that this is perfectly possible if there is a will to do it and a regulator with teeth.
Aviation relators just allowed boeing to self certificate again. Avition has a lot of historical regulations and can work through sheer inertia for years.
But the whole point is, regulator wont have teeth. They have teeth when politicians back them. And as of now, politicians back billionaires and deregulation. Wall street hates regulators, billionaires hate regulators and sizable part of population prefers people dying if it means they cam hurt libs and ennemies.
The working class lately seems more focused on 'culture war' issues and not economic or material or consumer or worker's rights issues anyway, so we're probably as far from any kind of regulation reform in software as possible. I remember a couple decades ago FOSS as an ideal seemed stronger and you had people like Lessig pushing hard for IP reform and Swartz and others for 'information must be free' honest-to-goodness mainstream movements and all of that seems to have went nowhere and is somewhat to very unpopular today. When was the last time you saw a populist movement towards liberal tech reform like this? Outside of some edge cases like medicine or power generation, the regulations here are purposely kept weak because that's what the wealthy desire.
Maybe our kids or grandkids will have this after the pendulum swings back, shrug.