It may not prevent truly unscrupulous or spineless engineers from capitulating, but it's better than the current situation.
When Wells Fargo had their credit scandal the salesmen shouldn't have been punished, their managers should've.
These things start at the top. When deadlines are pushed onto you, you don't have time to write unit tests, refactor, update dependencies.
It isn't perfect, and the imbalance of power will certainly still be an issue. But that doesn't mean we shouldn't try.
It would just put most legal liabilities on engineers vs the org. It's a great way to protect management, that's the only thing it's going to do. That's exactly how dumb traders end up being scapegoated with each financial scandal. Any engineer who would dare report any wrong doing would be blacklisted for life from the IT industry.
Business like Equifax already have legal requirements at the org level, let's not shift all responsibility onto engineers.
And that's not taking into account the bureaucratic overhead necessary to make changes in such an environment. There are very good, and very bad, reasons why upgrading insecure software and fixing other security holes takes too much time and effort.
Equifax just happens to be a very attractive target. I don't know how any such target can stay truly safe.
(Having said that, they clearly screwed the pooch in a lot of ways, so I won't shed a tear if they're dismantled.)
And making sure the business can still function while doing your best to limit functionality.
So there is also the argument of "any engineers at all" vs "better engineers".
https://www.clickondetroit.com/news/fake-architect-sentenced...
Also, consider how much of the software you use on a regular basis would not exist, if mandatory licensing were in place.