> It’d be your fault for choosing to give your money to a non-insured bank. (Or maybe some regulatory agency’s fault for allowing the bad bank to exist or to advertise.)

To fail to protect people is to invite regulation. And because people in different countries own Ether, it might happen that different national governments enact different, contradictory regulatory schemes. It would really be better for the Ethereum devs if governments didn't see a need to do that.