I agree that in some areas the bars could and probably should be set higher. While in most domains there are strict certifications (e.g. cryptography, military, banking, aviation, medical devices) there are certain grey zones in which unreliable software impacts our lives. Ideally, these gaps are closed. For example, EU legislation requires a certain amount of transparency for a system a citizen is subjected to, e.g. according to the GDPR customers have a right to know why they were given a low credit score.

It's a double-edged sword because certifications are complex and sometimes expensive (e.g. FIPS certification for encryption), so smaller software companies have a hard time competing, potentially leading to more quasi-monopolies and cartels.