If you don't have regulations then you can have a company putting false labels like "Approved by the National Agency for Food/Software/Equipment safety", then e

If you don't have regulations then you can have a company putting false labels like "Approved by the National Agency for Food/Software/Equipment safety", then each user needs to individually try to research if this agency actual exists, if the label is correct etc. Remember the class action lawsuit that forced Apple and other companies to admit that the products have a defect and provide compensation. Without a law and regulation those people would not have got their fair justice. Also I do not see how free markets could prevent some company selling you bad products, and when the PR is bad enough just re-branding and start over. Or how free markets can help with imported products that could be unsafe, you need basic regulation that impose transparency (who made the product, what it contains and other related information).