While I appreciate the enthusiasm of the "Czar" the fact of the matter is the industry has had decades to "self police". Let the whole industry burn to the ground- it earned it.
I'm curious about examples in which industry self policing has actually worked in favor of customers. My intuition is that in an unregulated environment, incentives are the only thing that matters, and if one shop has a competitive edge by not observing some industry self police, it'll come out ahead and drive the alternatives to extinction. Perhaps the closest thing to this is to not be so extortive as to draw attention from regulators, but that's really just the incentive of going as far as possible before consequences. It seems this particular industry has miscalculated the position of the fine line.