[CaptainZapp]

  Shouldn't regulation should be about more than warm fuzzy feelings?

Absolutely!

In this case the regulation determines streetworthyness of a vehicle, which is considered part of public transport infrastructure.

I, for one, rather get a cab, which is regularly checked and safe to be driven.

Would you suggest that Ryan Air, since they are the cheapest airline far and wide, should flout regulation, which aims at ensuring the airworthyness of their fleet, so that they can offer cheap tickets?