There are a great many costs built into the system that this analysis won’t get you: mandatory useless ingredients, arbitrary standards, and pervasive regulations.
I worked in aerospace and know a bit about this. Say you want to make a missile. Well, you better have the paperwork for literally every component to show that the metal used in all of it originates from a foundry in one of a tiny handful of countries.
That sounds superficially reasonable. The supply chain should be trustworthy and reliable.
I agree. We want to expect competence at all levels of the private and especially public sectors, but we're only able to insist upon it in a few key areas (aerospace, medical devices, etc.)
It is funny to see the same story every time. It's all burdensome regulation by the nanny state until something goes very very wrong and the public wants answers NOW, at which point it's incompetent government getting led by the nose by monied interest groups and their public relations departments.
This is exactly what happened with Brexit. Bunch of people voted to leave the burdensome EU regulation environment, then realised they quite liked workers rights so they don’t get fired in an instant, having food quality standards was actually pretty good to protect us from chickens filled with hormones and they didn’t want a bunch of infrastructure built in their back yard so environmental regulation was also quite useful.