The golden age of flight had not only competition of manufacture, but competition from consumers and purchasers on risk appetite. It could not emerge under an FAA as we know it. To come anywhere near that you'd need to break up the FAA, as it has a virtual monopoly on violence in enforcing the CFRs here. Let people pick which, if any enforcer they want certifying their airplanes.

That is, the FAA suffers from the same lack of competition as Boeing.