How many consumers are capable of evaluating drug safety and have time to do so? This is a real problem requiring time from a limited number of highly skilled professionals and easy proposed solutions are naive.
Read the history of what happened with say the financial ratings companies during the 2000s for one side (regulatory capture) and the tobacco or fossil fuel industry for the dirty tricks version. There's no reason to think that wouldn't keep happening, all of which dramatically increases the cost and likelihood of failure.