The biggest challenge to getting an agreement over the European Union’s proposed AI Act has come from France, Germany and Italy, who favour letting makers of generativeAI models self-regulate instead of having hard rules.
Well, we saw what happened (allegedly) with OpenAI “self-regulating” itself.
Maybe it’s different in the US, but in my country, age ratings on media aren’t the sector regulating itself. Film and TV are rated by an NGO (who issue ratings based on a list of criteria determined by government legislation), and games are rated by an organisation that is accountable to the government. So I’d consider both to be externally regulated, not self-regulated.