This solution depends on people following it voluntarily, which means it's a bad solution because people don't work like that at scale. Want to coordinate people? You need to change incentives - either encourage them to not buy shit, or discourage them from buying it. The way it's usually done is by fining people selling shit, fining people using shit to do damage, and fining people creating shit so that shit doesn't get created. Ergo, government solution. It should work for IoT just like it works for every appliance you use at home that could technically burn your house down, but somehow it doesn't.