What's he on about?
"We have levels of technical debt, extremely high levels in organizations, and in technology more generally. And the vulnerability when it is found, that technical debt is often really, really quite shallow."
To me at least, the meaning of this statement is not at all clear, particularly the second clause. My experience shows that the primary source of the 'vulnerability boom' is lack of attention to low level detail at all stages of the dev cycle, including blind reliance on 3rd party libraries, design on the fly, minimal testing and pressure to release.
I'm wholeheartedly in favour of formalising vendor liability, but it will only be the first incentive for change. It will take a very long time to show real effect as we have some forty years of bad practice to overcome. Maybe that's what he means by 'technical debt', but its root cause is really cultural rather than technical.