Yes. Software engineering is just a tool. The risk to society comes when the application of the tool can cause harm. Quantifying and publishing standards to control these risk is best left to experts in the field of application to figure out and should be mostly agnostic of the underlying software engineering paradigm of the day. For example, FDA guidance on software did not need to be updated for over a decade.
"Fake it till you make it" can work well for a consumer product but look what happened when Theranos tried to apply the same paradigm to medicine. It is not software engineering at fault. It is the application.