> It's the job of a regulatory body to reduce risk.
Sure, and the parent comment's point was that there's a line where further risk reduction doesn't make sense anymore. The agency doesn't have the right incentives to stop at that line.
Plenty of very significant risks aren't regulated to the degree that Viagra and Cialis are. You don't need a note from a doctor or a govt-issued permit to buy kitchen knives or a table saw or a Bic lighter, for example.
If wrongly prescribed equipment can cause harm, it's very justifiable that a license scheme is put in place.