Government regulation is often over-board & stupid, but if done properly it helps society greatly. For instance, the stock market is much more stable now due to government regulation. The point of governmental regulation should not be to make things "fair" by forcing certain rates to charge etc, because this always fails. Government regulation succeeds when it forces information sharing so that consumers can make their own decisions better.
Maybe a private organization could do a better job of determining what is safe, but they wouldn't have the authority to do anything about it - the government does.
