Anyone arguing against government regulation as a whole is completely delusional. Companies can't be trusted to regulate themselves.
Government regulators have failed, but at least the company is making an effort to prevent this from happening again.
Once pilot got some light shrapnel and the airplane successfully landed with zero deaths. This is such a rare collision that people attributed it to SPACE DEBRIS initially.
The only fix I'd like to see the government make is allowing lightweight objects to broadcast transponder data. Even if they don't do that, another 50 years will probably pass before the next collision of this type.
You can argue that is not effective enough perhaps, but the mechanism itself exists.
An agency can remove a regulation it created. Congress (via the linked law) can also remove a regulation. Congress can also create regulations via legislation (though they typically don't go to that level of detail).
And we have to remember, at one point, every regulation that exists was created to solve a problem / prevent a harm. The cost of removing that regulation prematurely is reintroducing that problem / harm.
A good example is the state franchise laws against car manufacturers owning dealerships. Why can't Toyota sell me a car directly? Direct manufacturer sales seem to work fine in other contexts (e.g. Ikea). In Europe they're moving more and more direct sales. There's no good reason to keep them here in the US, but the dealership owners who benefit from these laws are the only people impacted directly enough to bother hiring lobbyists.
It would be comforting to believe so, but that requires ignoring every aspect of human nature.
In addition to the sibling comment's mention of the Congressional Review Act for agency oversight, there is a US Office of the Law Revision Counsel [2]. It has an official website [3] which is beautifully old-fashioned, but looks to be purely a resource for accessing the letter of the law and doesn't recount its volume of repeals in the same way.
None of this matters if the insane or counterproductive regulations are deliberate and desirable for the current lawmakers, of course.
[0] https://en.wikipedia.org/wiki/Law_commission [1] https://lawcom.gov.uk/repeals/ [2] https://en.wikipedia.org/wiki/Office_of_the_Law_Revision_Cou... [3] https://uscode.house.gov/
Half the legislature campaigns on not doing anything if they get elected, though, and when they get elected, you get... Well, you get a lot of different things, most of them awful.
It's building on quicksand, but it's certainly not unprecedented.