It's going further
Looks like the idea of a Code of Ethics has some traction. Here is a sample of where it seems to be heading . At the moment, a Code of Ethics on its own is a vague an nebulous thing. It doesn't need a regulatory body if everyone agrees to it, but the reason something like this tends to be put in place is because people aren't acting ethically and a community benchmark needs to be set. The closest analogue I can see here is the founding of the Comics Code Authority in the US, back in the 60s. The way I understand it, it wasn't really a watchdog, but more a show of solidarity and wholesomeness in the face of groups who wanted to shut them down. Arguably, something like this might have been useful in the moral panic of "D&D = satanism" back in the 80s. Maybe it will be useful if that sort of thing raises it's head further in the new right wing conservative political climate. Maybe. The catch I see is that the whole thing needs a critical mass of people ...