No company ever comes in spending more, whether it be on cleanliness or safety. Regulation is the only way to prevent a race to the bottom.
Yes. I too am confident that without regulation we'd all be stuck driving Yugos to work, living in slumlord-owned apartment blocks which leak when it rains and catch fire nightly, and subsisting on flavorless gruel. Competition could never bring us safe cars, pleasant housing, organic food, or usable taxi services, and people running away from the disaster scene that we call the regulated taxi industry are clearly insane or berserk.