If that were true, we wouldn't have private airlines because planes would be falling out of the sky every day and nobody would fly.
Increase fines for negligence or make sure they can be sued (IIRC California makes it difficult to sue PGE) if you want to fix the problem. Don't do something as stupid as making it government run so it either becomes extremely expensive, extremely unstable, and/or a tax burden for the state.
>Eliminate the profit motive, and the service will be cheaper, safer, and directly accountable to the people.
Eliminate the profit motive and nobody will be incentivized to improve anything. This will likely make it much more expensive in the long term. The military has no profit motive either and they spend money like it grows on trees.