It would appear, based on this fairly recent survey of the available literature, that nicotine is probably more harmful than caffeine:
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4363846/
Which is kind of also where I'm going, saying, "by what standard?" There are plenty of ways to play gotcha with any potential regulation, based on the list of findings in this survey. I mean, let's assume, for the sake of argument, that GP was thinking that maybe we shouldn't allow vape juice manufacturers to deliberately add any banned pesticides such as DDT or arsenate. . . well, it turns out that nicotine is a banned pesticide, too.
Like I said in another comment, the research on pure nicotine doesn't seem to be as extensive as one would expect. It's been overshadowed by research on smoking and chewing tobacco. But it is there, and it's not that equivocal. I've heard this meme that nobody's proven nicotine is particularly harmful plenty of times, especially among ex-smokers who still use nicotine lozenges or vape juice or whatever, and I'm not sure where it comes from, but my guess is that it's based on a motivated interpretation of the situation. Like Upton Sinclair said, "It is difficult to get a man to understand something, when his ability to not spend the next longwhile feeling crappy due to withdrawal symptoms depends upon his not understanding it." Or something like that.
Which, again, at least in a vacuum, I'm not particularly worried if people want to vape. Me, I like alcoholic beverages. But I fully acknowledge that alcohol is a toxic chemical that's probably shortening my life. What worries me more is when people decide they're OK with vaping based on what amounts to a sort of conspiracy theory, because it's impossible to give informed consent when you're uninformed.