Would that still be the case without any regulation? All the regulations do is ensure that products intended for pharmaceutical use have a certain level of evidence of safety and efficacy.
It doesn't mean that unregulated products are unsafe or do not have a positive effect on health, it just means that one cannot sell them or market them as something that can cure disease.
Keep in mind that even with this regulation in place, people still try to sell things like the MMS [0], which the FDA warns against consuming [1].
While regulation isn't perfect, in this case I'd argue that it's a net benefit, all things considered. It's not perfect, but it's better than having no regulation in place.
[0] https://en.m.wikipedia.org/wiki/Miracle_Mineral_Supplement
[1] https://www.fda.gov/consumers/consumer-updates/danger-dont-d...
So, if we eventually decide to count death by regulated drugs (not counting death by the regulation process itself) we might not come to a happy conclusion that it has worked as expected.