This is oh so true. Any time I buy a gadget I make sure to read the warning labels. This is only because of its comedic value. I try to imagine every mishap and threatened lawsuit that caused the labels to be justified. Hilarious, and as you say, quite tragic. It's just useless letter clutter at this point.
I bet if you trained some AI on all the manuals and BOMs you could auto-generate some of them just using the BOM. Plug -> Don't use in bathtub. Bearing -> keep spinny bits away from person, and so on.