In my experience this works both ways too. Good engineers working on physical projects have picked up on some of the useful practices that good software developers have adopted for maintaining progress in the face of ambiguous requirements until they can be clarified and allowing as much flexibility as possible without necessarily compromising quality in the meantime. I believe these relationships can be summarised as something like "Good people keep open minds and learn from what has worked well for others".

The problem for regulating software development is still who gets to formally determine who the "good" people are. This kind of thing should clearly be objective and evidence-based but what useful evidence do we have available?

In physical engineering disciplines there are often clearly evident problems if something was built without being adequately specified by the responsible engineers. In a disastrous case a bridge might literally fall down but you're also going to see that a bridge wasn't designed properly if it's distorting in ways it shouldn't under loads that it should be able to support. There are lots of experienced engineers who have proven records specifying buildings or planes or ships that need to not break using established and peer reviewed techniques.

In software we can all agree catastrophic failures that result in loss of life or half the Internet going down are obviously bad. For something controlling a life-saving medical device or the launch authorisation system for the nuclear missiles we can probably all agree that the answer to what quality level we want in the software is "the best quality we can achieve". But those systems have unusually serious consequences if anything ever goes wrong and probably also very high development budgets that can justify such an extreme position on quality. In general we don't have clearly defined levels of software where different trade-offs between cost and risks and other factors might be considered reasonable and acceptable. Nor do we have well tested and universally accepted standards for how to reliably achieve a specified quality level.