What's the electrical failure rate of every appliance in your home, and the associated risk of death by electrocution? If you don't know offhand, it might be that you are implicitly relying on UL standards to keep you safe and whole.
Consumers don't have perfect information, so the risk is asymmetric. If you assume the market will sort out risk and quality so we don't need standards and enforcement thereof, I don't believe your model is aligned with reality.