It'd be such a lead forward in transparency if 'bugs' (loopholes), authors, and proposed changes were out in the open -- and the history and reasoning behind them equally public.
In theory I think this is the way many countries legal systems already work: the case law and regulations are technically public. But it's generally only accessible (in both the sense of retrieval, and also in the sense of understanding the language) to subject experts.
The only difference is, were the subject matter experts in the domain where GitHub and the likes rule.
At least where I live, court records are accessible to the lay person (after clearing some hurdles). Will anyone look at them aside from lawyers and law students? Probably not...
Greater transparency in lawmaking and governance is always a good thing, though, and most government's don't achieve it to any great extent.
At a later point when renegotiating, I was given one of these dangerous contracts to sign. When I brought to light my concerns, said lawyer set up a face to face with me. His first words were, "If you weren't an engineer, you would have made a good lawyer."
Boggles the mind.