"we want to hire some people with no background checks, no interviews and no idea where they live to write code for our critical line of business application. We're then going to put that code into production without reviewing it, and regularly update it without reviewing the updates. Oh also we won't have any form of enforcable contract as come-back if something goes wrong."
You'd, at best, be laughed out of the room.
Yet that's exactly what pretty much every company does with 3rd party libs.