I mean, i assumed from context it was meant regulated in the way life-critical devices are regulated, since the mentioned industries like airlines that have elements that must apply with the regulations life-critical software has to be (e.g. full mc/dc test coverage and what not).

If the goal posts are being moved to regulated in any form, phones already meet this criteria as there exists regulations they are subject to.

So what regulation precisely did you have in mind and would it prevent the issue being discussed?