What I meant by reductive is, I feel like laying the blame solely at the feet of regulators oversimplifies the issue. Someone might argue that better enforcement or additional regulation (one that would prevent Boeing from circumventing the law) could have prevented the disaster.

If I recall correctly, the Netflix documentary tends to blame capitalism, the free market, and other assorted boogeymen for creating the perverse incentives the company was forced to respond to.

I suspect that neither of the two views at the opposite side of the spectrum captures the full picture.