IoT is going to be the poster child of "self-regulation"
One of the basic tenets of capitalism viewed by right-wing Republicans is that the market is self-regulating and thus, should not be regulated.
As far as IoT is concerned, that means that they view millions of people spending money on products that are not secure, are eminently hackable and can cause major disruption of private life as a perfectly acceptable consequence because the market will just "adjust accordingly".
IoT is the "Unsafe at Any Speed" of the IT industry.
It needs regulation, and it needs a global body to evaluate and approve stuff for selling.
If we don't do that now, untold millions of people will suffer needlessly while crap-sellers stuff their pockets in what is surely a most immoral way.
But it's legal, so Republicans don't care.