Well, the theory is that what is being regulated by federal government is the inspection process of the company, rather than the inspections themselves. Mostly

Well, the theory is that what is being regulated by federal government is the inspection process of the company, rather than the inspections themselves. Mostly the government doesn't want to get involved in checking if bolts are tightened, they want to make sure that the company has a process to check that the bolts are tightened and is following it. It would be extraordinarily expensive and inefficient for government inspectors to do all this work themselves.