If memory safety was "just the right regulations" easy, it would have already been solved. Every competent developer loves getting things right.
I can imagine a lot more "compliance" than success may be the result of any "progress" with that approach.
The basic problem is challenging, but makes it hard-hard is the addition of a mountain of incidental complexity. Memory safety as a retrofit on languages, tools and code bases is a much bigger challenge than starting with something simple and memory safe, and then working back up to something with all the bells and whistles that mature tool ecosystems provide for squeaking out that last bit of efficiency. Programs get judged 100% on efficiency (how fast can you get this working? how fast does it run? how much is our energy/hardware/cloud bill?), and only 99% or so on safety.
If the world decided it could get by on a big drop in software/computer performance for a few years while we restarted with safer/simpler tools, change would be quick. But the economics would favor every defector so much that ... that approach is completely unrealistic.
It is going to get solved. The payoff is too high, and the pain is too great, for it not to. But not based on a concept of a plan or regulation.