Your suggestion is not sufficient, you need also a way to roll out the updates, which means a network connection to the outside world, but for someone who has done a IoT set up himself it is probably a sane thing to put the IoT things onto their own network, without internet connectivity. So yes, it is likely possible that there could be sane regulation, but I lack thrust that regulation will be sane, and even more, I suspect that regulation will interfere with my use case, so that I have to jailbreak my light bulbs.