NOTE that i also mentioned Wallstreet banking, Insurance and Pension funds.
NOT *directly* life threatening................
These are corporations that require oversight. Oversight is needed simply due to human nature that runs them. Think about appliances. You buy a washing machine that claims a 5yr warranty. It looks awesome and does a really good job over the rest of them out there. It works great initially, so everybody buys one. 1 year later the CEO leaves a hero with fortunes. The company gets sold. It's later discovered they knew about a 2yr failure rate, but alas, that company and it's board are no more. Because of regulations, the consumers will have recourse. Without it, you can be sure all those people would have been SOL.
Further, imagine no regulation on devices. Why, everything would be built to last just past the media frenzy or the stores 30 day return policy. Nobody is going to wait 2 years to examine a products track record before they purchase it. Corporations are self-interests and consumers can only hope they fit into that interest's short or long term goals. Corps are not about the consumers interests, save for any PR they can't overcome.
Last example: This is a hardware issue, but it only slams say 10% of the people bad enough to lose calls. The fact is ALL the phones suffer, so every owner wastes a little more time on upload/download, AT&T and Apple wastes a little more time listening to complaints and processing returns. Those minutes multiplied by millions really add up. ALL the phones will lose some resale value as well. Sure, maybe magically you never ever travel out of well covered areas and your skin somehow miraculously is RF nonconductive. WOW. But you'll lose up to half your resale value next year.
The bottom line: The product has a fault that they KNEW about beforehand, that they even tried to hide by removing FIELD-TEST. Deadlines overcame quality and every single iphone4 became less than presented. Apple decided it would please shareholders and profits better if they went ahead and met the deadlines and fixed things later. Poor judgement.