> I think that's the problem - there's no effective mechanism to penalize a short-term tenant for excessive noise, parking violations, smoking on premises, etc.

Sure there is: make the property owner ultimately responsible, if they're not already. Then watch how fast they actively seek out solutions that pass on more liability to the tenant.

> Faced with lack of efficient mechanisms, HOAs or city councils after hearing a few horror stories just throw the baby with the bathwater by outlawing all short-term stays, even if 99% of short-term stays are quiet decent non-confrontational tenants.

Yeah, most regulation seems to be reactionary in response to a small fraction of high-profile incidents. "How do we not make the news? How do we not get blamed?"

See also airport security.

Most HOAs are kinda toothless on the enforcement side, as any financial penalties could be met with property owner's "document it and prove it" response, at which point there's little recourse.

Speaking from experience here, having been a member in an HOA with a smoking tenant nearby (nothing related to AirBnB, this was a long-term lease).