What about the obvious middle position, where the FDA continues to do everything it does and labels drugs as safe and effective, but then theres also non-FDA approved stuff that won't be labeled as FDA approved and you can do it if you want.
It’s called alternative medicine/homeopathy/etc.
I assume (even if you didn't realize it) that you mean the $100 Billion plus/year dietary supplements market[0]? That's already (and has been for centuries) in place.
[0] https://www.mordorintelligence.com/industry-reports/dietary-...