Regulations and process are just scar tissue from mistakes of the past. Excessive process indicates abundant past mistakes.
If we want to go back to taking risks and making mistakes, by all means, let's cut red tape and get rid of process. But, we should do it knowing the tradeoff we're making. I think some people here just think "regulation/process = bad" and "getting rid of regulation/process = good" but it's more complex than that.
Every regulation is a Chesterton's Fence.
Maybe there's a different regulation that fences in the past mistake. Maybe it's historically contingent and irrelevant. Most laws exist without a direct reference to their relevancy and it takes legal archeology to uncover the telos of each clause.