Yes, that's right. It actually works that way in many sectors of our society, not just for drugs. Think of when a bridge or train is built, or when a new technique is developed to process meat. The public has to be protected so that things don't go awry. Companies have to be transparent and demonstrate that their products will not cause harm.
To date, computer technology has escaped all that—the thinking was that it wouldn't have any significant impacts on society. Now we are at a point where computer technology, AI in particular, is about to completely transform society. Transformation can be good or bad, so we need a framework.