> Much of the "oh but it's regulated" excuses are just that, excuses to be ignorant and stay stuck in the 1970s.

It is actually a serious problem.

You have a bunch of apparently sensible rules with apparently reasonable justifications, but without a holistic understanding of what those rules cost in terms of engineering and design trade-offs. Then compliance prohibits the use of commodity components not designed with those specific requirements in mind, which requires everything to be custom for the industry at extreme cost, which in turn impairs competition and allows the vendors who do pay all the compliance lawyers to sell low quality software for big money.

And it's not clear how open source or cloud would solve any of that, other than possibly through some kind of regulatory avoidance shell game, which sounds more like a loophole than a solution.