"let companies police themselves"
Almost as well as letting banks and investment companies police themselves.
Or oil companies policing themselves.
Or government contractors with automatic weapons police themselves.
And the deregulated airline industry has done wonders for air travel.
Government bad, corporate self-regulation good. Just stick to that line and ignore any evidence to the contrary.
Or letting Internet users police themselves. This just part of the process of finding an UNhappy balance between freedom and control. Myriad, mutually exclusive motives guarantee that any reasonable solution must leave the fringes deeply unsatisfied.
The Tao is like a stack: the data changes but not the structure. the more you use it, the deeper it becomes; the more you talk of it, the less you understand.