Yes!

When inspection frequency gets too low, airplanes fail, leading to more frequent inspections.

When inspection frequency gets too high, airlines and authorities decide to save money, leading to less frequent inspections.

So the inspection schedules (somewhat) satisfy Hook's Law, and thus we should expect wavelike oscillations.

[Edit: The system also requires momentum. That's provided by labor unions agreements, maintenance contracts, and the time needed to change regulations.]

Thanks, I'll be waiting for you at the pub.