It's easy to grumble about regulations until their reasons are forgotten. Then they get repealed and the problems come back. The mortgage crisis is a prime example.
I don't think this is such a bad future for software either. Much of my job writing software for higher education involves adhering to complex policies. These policies are necessary to remain FERPA/HIPAA compliant, which are necessary for their own reasons. Playing fast and loose is taking out a debt for an uncertain future.