What does this have to do with legal regulation versus voluntary self-regulation?
It is the most painful thing to watch your child make a mistake. But to help them learn from it and avoid it in the future is worth it.
It is even better when they don't make mistakes. Sadly, kids are small versions of their parents.
But, when they are 18, 21, etc., they will have developed more mentally and emotionally, and should (should) be better equipped to make those decisions than when one is 12.
(note: in this post I'm not agreeing or disagreeing with the topic at hand, just providing a counterpoint to what you said)