I'd just like to mention one counter argument, which the rigidity of the code in some cases will help to protect against developers from using cheaper materials, or new materials that on paper seem better, but in reality may not be better.
An example I've heard of but am having trouble searching for the exact name, is in condo buildings here in Canada they started using a new piping material, to do the water deliver inside the units. The problem was, while I think in theory the material was better, it has the property that when it fails it fails catastrophically, due to either a manufacturing or installation defect. So instead of just having a small pinhole leak, the piping will split when compromised, and you have many thousands of dollars in damages to multiple units. Buildings with this material can no longer be insured in Canada.
So I don't know that I would really trust giving developers a wide latitude in selecting materials, even if they sound great on paper.
I don't know what the solution is, because I agree we need to be more flexible, and have a way to introduce new and better technologies, but we also have to be diligent, in ensuring that the new technologies and processes work the way we expect them to, and have the desired effects.