Industry-led regulation has never worked in the entire history of the world.

When we have a social revolution and workers control the production of goods and services, then we will set the rules. Unfortunately, for now, we are forced to bear the rules imposed on us. Like having malware like CrowdStrike software installed on our computers, making them slower and sometimes dysfunctional.

But now that you mention it... if software companies were more densely unionized in more of the developed world, especially in the US; and if those would be independent and membership-controlled unions, more like the IWW and less like UAW, SEIU and such - then maybe that would have been more realistically possible and not in some far away future.