Technologically speaking, you are correct. And it is only a matter of time before all regulatory effects are put on the #blockchain.
But, the truth is, these regulatory agencies will hate it. Because, it gets rid of the PR reason for having the agency. We need the agency to collect and tell us the data. What?!! The blockchain gets the data directly and shows it to all who would want to look? In the eyes of the public, what else are we supposed to do?
And the deep truth. The govern-cements are criminal enterprises. And they live in the dark. To shine a light down there is to expose corruption. And those cockroaches do not like it. They will do whatever they can to stop it. To bring back the dark.
If we had more time, we would see blockchain building parallel systems and over time, the govern-cement agency would be irrelevant. However, it looks like we are going to be building the new as the old is crumbling.
Congratulations, you have won. But, the entire battle remains ahead of you.