My complaint along with a few others were compiled, leading to a hearing where his license was revoked. Additionally, the state had a fund set aside for people who lose money on shoddy work (up to 15K). We were one of the lucky ones, as he only cost us $3K (which we got back). Others lost 10-20K.
Bringing it around to the topic at hand, a code inspector for 'code' is an interesting idea. That said, I'm okay with devs/agencies being held accountable for their coding work -- as long as clients are likewise held accountable for paying on time, proper briefs, etc.
If they ignorantly (not maliciously) wire the bathroom in an unsafe manner, however, they will fail inspection and be made to fix it properly. This is useful to the individual homeowners. In a way it's similar to the adage that "locks keep the honest people from breaking in." With both regulations and locks, they are less likely to stop the criminals.