What you will end up with is likely something that is LESS secure but now mandated for anything made/sold legally in the US. The rest of world will be free to do better things
You will also end up with mandated Backdoors, weakened encryption, and a variety of other NSA/FBI wish list items that will be included in any "Cyber Security" bill
I have no interest in the US congress regulating IoT devices, that will not be good for liberty, or security
Because I look around and it's been working remarkably well.
All that disappeared in favor of Windows NT and UNIX w/out security the second they eliminated the regulations. There's just enough of a niche market for a few suppliers to be left, esp defense contracts. Most are gone, though, because private markets dont produce strong security if incentives are turning costs into profits.
If Boeing will be the only company allowed to make IoT products then you might as well kill the IoT industry, as each product will cost 100000x more than it should.
I classify that BAD... sad you do not
Security is one thing, but if it comes at the expense of Open Source and accessible systems then i choose Insecurity.
I will choose Freedom over Government every time
Now, with regulation, you'd still have the same software being developed. The components would be simpler (JSON subset vs XML). Costs spread out in volume. People would get used to new, huge features taking "two or three quarters" (Lipner) instead of a few weeks. Non-paid or non-critical usage could be done to test out proposals without building whole thing.
Far as IoT, solutions already exist that are either inexpensive at OEM level or cheap per unit. Just getting ignored by most of market since there's no regs or liability. Hell, Im typing this on a device running one underneath the OS that cost the same as a ddvice without one. ;)