Of course if the entire industry is corrupt it doesn't work, but to a certain degree I guess it is robust. This time it led to a potential disaster but it will become safer as a result..
In a normal, healthy situation a company like Boeing should not feel threatened if some problems are exposed from time to time. That is assuming that everybody understand that uncovering these problems is part of the process and is necessary to improve safety and is exactly why and how we have good safety in the first place.
It only becomes a problem when that safety record becomes blemished too much.
I am pretty sure it actually has worked successfully for many decades up until some point, evidenced by consistently improving safety record.