Using red tape as some kind of prophylactic is ridiculous. If the state doesn't have the monitoring in place, you have to just trust the company, which is naive if not negligent. If you do have the monitoring, why require the extremely expensive song & dance? To protect corporations from negligently wasting money?
Answer: because the song & dance is primarily about extracting concessions, like union labor or even cash (e.g. promises to pay to fix someone else's pollution, or contributions to various interest groups). The friction and expense involved in today's development review processes are many times more costly to all involved than the social benefit.
That's hopelessly naïve.
If you let them build the facility that can pollute, they're going to pollute.
And if you point to the pollution coming out and tell them "you have to stop," they're going to say "make us."
And if you point to the pollution already in the environment and tell them "you have to clean that up, because you put it there," they're going to say "prove it."
And they're going to tie the government up in court for years or decades, and then oh, whoops, somehow the entity that actually did all the polluting has no more money and can't do anything about it :-( Good thing they were only a subsidiary that all the profit and assets can be moved out of!
And the people who actually live there are suffering from preventable diseases and dying of cancer at rates 5x the national average.
How do I know all this? Because this has been industry's playbook for over a century.
But even so, how does the song & dance prevent any of that? It's not like, e.g., a battery manufacturer submits a plan admitting that they're gonna dump stuff.