It seems US is way more overregulated when it comes to electricity or building in general.
However I think many locations in the US way overdo regulation when it comes to residential building codes. When you buy a house, you get a professional inspection. If it comes up dangerous, then you are armed with the knowledge to make a risk decision that’s right for you.
I don’t need spacecraft level engineering on my car; similarly i don’t need skyscraper level engineering on my house.