My two cents' worth:
Nicotine is a naturally-occurring substance. It's in tomatoes and potatoes (albeit in smaller quantities than it is in cigarettes or most juices). Yes, it's addictive. But it is not the only substance in commercial tobacco that is addictive. The tars are just as addictive, and the tars are what made me hack up brownish guck in the morning after 25+ years of smoking.
It's been about a year since I quit cigarettes (a few more days and it'll be a full year), and I don't have morning cough, I can breathe well enough that I'll be doing my second half-marathon this year in a couple weeks (which I couldn't have possibly done while I was still a smoker), and I can smell and taste properly again. To me, the health benefits of giving up the other 4000+ chemicals in the cigarettes was well worth the change.
As to the ingredients in eliquid: you can buy lab-made nicotine solution, medical-grade VG or PG, and you can buy food-grade flavor additives from a number of vendors (although if you want one with full lab notes on everything they do, look at Perfumer's Apprentice). Make your own eliquid if you don't trust the vendors you're purchasing from to give you safe ingredients. It's not hard to do.
In my opinion, the regulatory process in the US is flawed. After all, cigarettes are regulated, and yet they still kill you. Look at the crazymaking out there about GMOs in food... and to think that in the 60's and 70's, we all thought that genetically-modified stuff was so much healthier for you. Etc, etc.
We're human. We'll make mistakes. But I think in this circumstance, this isn't a mistake. This is, yes, a small mom-and-pop industry... but I sincerely doubt that the quality sellers are putting making a buck above the customer, especially the ECF vendors. I've talked to a lot of eliquid makers, and it's my general experience that they're in it to deliver a high-quality product, to ensure their customers are happy, and to make a worthwhile living doing it. As a retailer for many years, I can appreciate that and respect that... and that's why I do still occasionally buy juice from sellers who I trust.
Do I think regulation will destroy the industry? No, but it'll probably destroy the mom-and-pop vendors who provide the quality stuff, and then we'll see ads about how GinormoChain's eliquid is the healthiest ever... the same way that our parents saw Chesterfield cigarette advertisements saying that they were healthy and made life complete. And that serves no good purpose in the long run.