I think the industry can probably self-correct without regulation, but I don't believe an individual outlet can regulate itself.
We have a massive system to regulate creativity. A massive system of lawyers regulating creativity as copyright law has expanded in unrecognizable forms, going from a regulation of publishing to a regulation of copying.
It is still open for me, as well as you, to regulate my behavior, by my experience of past events.
It's hard to regulate the speed at which you can achieve something creative and emotional.
The power to regulate the economy is the same thing as the power to distribute favors.