[csours]

Bureaucracy is, among other things, Someone Else's Moat.

As in, Title Search and Title Insurance could be treated as a Public Good and administered by a government entity (shock, horror!).

But people are making a lot of money off of it, so there is a bureaucratic moat.

[travoc]

One of the reasons the title insurance market exists is because governments can’t even reliably record title events in a timely manner. Putting them in charge of risk management would only make it worse.