"government oversight" sounds ominous.

Personally, I wouldn't mind if the judicial branch was in charge of arbitration.

These companies are not obligated to pay creators. They pay them because it's profitable, and the moment money exchanges hand and someone livehood depends on them, the relationship changes.

At that point, if you leave creators without recourse, you only changed labels and left workers without hundreds of years worth of labor rights thrown down the toilet.