And yet any time someone suggestes stronger regulation the entire IT community comes out up in arms and shouts "free market".
No, the CEOs say that. The rich greedy bastard maximizing executive compensation say that.
The "entire" IT community sure as hell doesn't say that. Many many people have figured out the free market is a fucking fairy tale.
The IT community is not defined by the rich assholes who get heard more often. And I'm sorry, but listening to rich assholes is the fucking problem -- because what they're telling us a self-serving lie.
There is no damned free market.
I agree with your sentiment but it has been my experience that the majority of workers in our industry are very much opposed to government interference of any kind. I am personally opposed to over regulation however I believe that our industry has gotten too much of a free pass over the years and indeed that is why the notion of a "software engineer" is a contradiction-in-terms.
Engineers are legally responsible for thier errors. Even the very small niches such as process control and biomedical the functionality of software is indemnified by a "real" engineer as a component of a larger system.