Ahh, yes, the Randian ideology of the self-regulating data-driven, no-bullshit enterprise, because governments are Big and Bad and will stifle the hardworking man in their attempts to do right for society.
Regulation is based on social goals, like "people in wheelchairs should be able to get a cab as easily as people without wheelchairs."
Real time data can certainly help with policing compliance, but the data is not the basis for the regulation. We don't need real time data to discover that disabled folks have a right to get around too.
Yes. There's no way a data-driven company would give out its crown jewels for regulation just like that. Hell if I had a data-driven company I would definitely not trust anyone with the secrecy of said data. And the receiving end of said data should have little reason to trust me either.
I think governments still have a lot to do as far as taking decisions based on collected data. However, we're slowly getting there. But the politics surrounding the data will still be around forever.
Most industries are not self-regulating. If they were we wouldn't need the equivalents of the EPA and OSHA. Or the car regulations that force a minimum standard of safety. And so on and so forth.