That's a false analogy. I was not proposing self-regulation.

I was proposing something like UL which is independent from the companies being overseen.

How is it independent? UL is for-profit and relies on revenue from the companies seeking certidication. That's the same, or similar, conflict that exists with the credit agencies and the finance industry.

There is pressure to be favorable towards the customer (the company being inspected). Something similar happened in finance, where issuers were shopping around the big 3 ratings agencies for the best rating.

Hey why wouldn't a CDS on someone's health be a good thing? /snark