Luckily, I am no law maker but a random guy with opinions on the internet.
But no, I would not say that we should ban every depiction of non-adults from all media. That would be way to broad. And I am not saying the "what" and "how" is something I can answer nor
did I think about it in detail.
I think the rule "should" be something between what we have now and what what you suggested (and what my original post might suggest). Where exactly, I cannot answer.
But thanks for pointing out that my original formulation was lacking.
There are rules around sexual content in particular in the US (which may differ by state) and certainly around under-age sexual content. Which this was not considered to be. (That said, I doubt any record label would sign off on that cover today.)