Read about the hole in the ozone layer. Banning lead paint. Read about the invention of public water authorities. Read Silent Spring and read about its aftermath. Look into the history of air pollution and the EPA. These are some of the crown jewels of human history.
If the FDA never got established, would firms emerge that put their seals of approval on medicine and become trusted? We will never know. It's pointless to point out what happened before the FDA and after because these are not random samples, the FDA didn't get randomly created. The demand for the FDA if denied would have transformed into the demand for something else.
We will also never know the progress in medicine we lost due to the red tape. There would of certainly been scandals and deaths, but if we got a cancer cure as a result would it not have been worth it?
I suspect that if regulation was not a feature of government we would of solved it in other ways, such as the ability to pierce the corporate veil both civilly and criminally for gross negligence etc. And third parties whose only product is trust - these parties would have infinitely more incentive to preserve that trust than governments.
And why wouldn’t a company “whose only product is trust” not be incentivized to sell that trust to the highest bidder? Companies sell out all the time and continue to do good business for a decade or more on customer trust they built up or came with the brand name they bought.
The saying “regulations are written in blood” comes to mind. So where are all the examples of things getting fixed through other means when regulation isn’t written to fix something?
Passing legislation without the latter is meaningless, and if you have the latter, you don't necessarily need legislation; the free market will force a correction (although politicians will follow the will of the people anyway).
You cannot achieve that across the countless toxins and/or potential toxins that exist in our world; the public does not have enough attention to spare for that.
Or to put it more simply, regular people don't have the time or energy to spare on worrying about every little thing that could potentially, maybe be toxic, in some tiny way over decades.
The free market is very bad at solving problems with a lack of information. Efficient markets rely on buyers having a clear idea of what they're buying. You might hope that people are willing to pay for certification services or whatever, but this is not actually how naive consumers operate. There are already services like that and they operate on the fringes.
The notion that there is not enough public attention to ask for legislation about toxins as a general concept ("pinpoint" is demonstrably not needed), but there is enough attention for that same public to navigate an information marketplace about those toxins to make informed buying decisions, is laughable. Even more so when the former has actually happened multiple times and the latter remains a niche phenomenon.
Government action in democracies just about always lags public support (because you need the public to support a thing so you can say "elect me I'll do it" or "re-elect me I did it").
They want a return to using Lead/Asbestos, a return to incandescent light bulbs, gutting/defunding/removal of most federal consumer protection and health, and environmental agencies. They think that the Ozone hole was a myth invented by globalist ZOG Soros funded marxists.
Right now, the dominant cultural narrative is Schadenfreude. Shitting up the environment to make someone you hate feel bad is absolutly the most popular approach to regulation right now. This is why hardcore southern conservatives love to "Roll Coal" and it's also why Trump just shared an AI generated meme of him literally shitting on America.