I think the problem is that the way these groups work ends up being something other than intelligent oversight. It's a human problem.

They attract or breed people who see it as a great / easy job simply to provide oversight but have no investment / zero consequences for what happens. They can give tasks, eat up time, it costs them nothing, but costs everyone else tons of time.

They are also free of any consequences ... how do you know such a group did any good? It's entirely for them to define. "These products were ethical, and we made them that way." Easy to say.

IMO these kinds of questions are up to the folks in charge of the products, beyond just a random group deciding "is this ethical" as they actually also have to understand and know them. If the folks making the product can't handle it, that's the problem.