"We were just following orders".
You are right that regulation play a very important part into this, but this should not be a excuse to releave ourselves from the burden that in the end we are responsible for everything we do, even under orders, under a chain of command or whatever.
Proper regulation is a good goal, but in the meantime, making a ethical stand in what we do, is very important, because the moral corruption can spread faster than the regulation, and in the end, there will be no individual ethical behavior nor proper regulation.
People should not just try to quit their jobs just because they work in a big company (maybe) doing shady stuff, because you may be in a job that actually create something good, or even if thats not the case, you can try to move to another product or team..
But if you are working in a core part that are doing unethical things, i guess trying to hide behind the company can work like a placebo for your guilty, but i bet it wont work after a short period of time.