People tried that. Unfortunately, it was immediately doomed because it was a blockchain thing. More seriously, this means you also have to accurately encode al

People tried that. Unfortunately, it was immediately doomed because it was a blockchain thing. More seriously, this means you also have to accurately encode all the things the laws refer to, even when those things are vague judgement calls. It's easy to say "you can only have a noncompete agreement if it doesn't make it unreasonably difficult to find another job in the same industry", but hard to express "unreasonably difficult" or "same industry" with the kind of precision we expect from code. A sufficiently evil company would just pay a lawyer for a few days to find a loophole in whatever definitions you can think of. There's a reason the primary use of this is cryptocurrency conversion - it's a lot easier to enumerate all the failure modes in "give me n of A and I will give you m of B".