Self regulation is no regulation at all.
In Italy we have an expression for when you ask about the quality of the product to the very same person that sells it:
How's the wine, innkeeper? Fine!
The key point is that someone else besides the manufacturer must hold the key for final approval. And they mustn't be governed by an incentive structure specifically tooled to induce rubber stamping. Which is exactly what self-emfprcement by the manufacturer incentivizes.