Nothing is perfect. Our current system evolved because even though you will find it hard to believe we know that there are amoral people who will do anything for a buck.
So we try to strike a balance and have a reasonable amount of regulation. No system is perfect. Mt niece is a pharmacist and I asked her about that compounding pharmacy and she said they had gone beyond the scope of their license. Clearly we can't station an inspector everywhere but it is silly to infer that all regulation is ineffective. Human nature is not this simple thing with no shades as you imagine.
If you want to change it why not get the other few percent of the population that believe all people in business are totally honest and absolutely no regulation is required and get out and vote?