Ok, how about another example: the FDA. I'm sure there are plenty of drugs that failed the trial phase: they might fix a headache, but could introduce far more severe side-effects.

Consumers have no way of knowing if an over-the-counter drug they are buying will complicate their health further: they trust the manufacturer and the FDA to do those checks for them.

Why not have a similar structure for technology? What prevents risky / dangerous over-the-counter medication from being sold, and can we apply those same measures to IoT devices?

Yup, people are cheap. Just go on Amazon and look at the cheap Smartwatches. I actually tore down an APK of one "WearHealth_v1.0.55_apkpure.com_source_from_JADX" and it contained some really dodgy URLs to Chinese servers.

Nothing you can do really, the platform (Android) should be responsible for protecting the individual to be honest.

Nah, make it required like FCC certification, and make the uncertified mark be a poison sign.