I'm sympathetic to the idea that there is bloat and over-regulation, but most of the laws and regulations on the books are in response to a bad thing happening. It's kind of like a legacy code base - just deleting the repo and starting over from scratch is usually not the best idea, it takes some careful refactoring and judicious tests to move in the right direction.
It's sort of an interesting idea - what are "tests" in the context of the legal/regulatory framework? The constitution? The judiciary?