> As I commented elsewhere - the problem then becomes who gets to define what the proper path is. For example destroying companies because they chose not to follow the latest sage advice from anyone who once signed the Agile Manifesto does not seem like a good way to promote better quality software to me. And yet it seems highly likely that those are the kinds of people who would initially be engaged as "experts" by those seeking to establish the regulatory environment.

This is why any such regulation is likely to end up in a much better state if it's driven by actual practitioners. However, given how many software people are wildly against this, it seems unlikely to happen and so we'll end up in the less good state you note above.