IMHO, the system actually works just fine. Accidents are extremely rare and companies tend to learn from them.
A better fix would maybe be to just make it really expensive for Boeing to cut corners here and put mechanisms in place to verify that they aren't. And you could argue that is the case already. Their reputation suffered and it probably shows in their order books. So, I'm guessing they are very eager and well incentivized to move on from that.
And looking at the Airbus and Boeing stock price suggests that Boeing stock has never recovered from that. Both stocks went down a lot at the beginning of Covid. But the Airbus stock has basically recovered from that and Boeing hasn't.
Even the mere threat of regulators getting more strict is probably making investors really nervous. That could end up being more effective than any actual inspections.