The funny thing is that this has happened before in other engineering disciplines. It is always as cheap as possible and often cheaper than possible until some major catastrophe. For a nice instructive example, look up "San Francis Dam". Or "Titanic". Or countless others. There are tons of nice entries in the history of engineering failure.
What always helped in the end is liability, qualification requirements and enforceable quality standards. We will get these in IT as well, as the industry is fundamentally incapable of self-regulating.