> The difference is that asbestos or lead exposure are much more dangerous and they are easily replaced with other materials that provide near identical functionality.
But that's not the issue.
Asbestos insulation could be perfectly safe too, as it is lead in paint, mercury in thermometers, etc. But societies deemed the risks greater than the benefits.
You may not mind living in a house coated with lead. I'm glad the government has banned it.
> ... another approach is to provide robust and accurate nutrition labels and warnings, and ensure that adults are properly educated to understand how to read them
This is unrealistic and naive, starting with the fact that "robust and accurate" nutrition labels must be enforced by the government. If we were to get rid of such regulations, corporations have proved over and over again that they see no incentive in providing better products over higher profits.
Also, your argument presupposes that every single consumer has the tools and capabilities to receive and benefit from such "education", which is, obviously, not true for e.g. older adults, or people with certain disabilities.