See Chris Berg's opinion piece in the Wall Street Journal about how Titanic's owners' decision to comply with the regulations on the number of lifeboats caused one of the most fundamental errors contributing to the sinking (here). Were there the "appropriate" number of lifeboats? No. But were there the legally required number of lifeboats? Yes, plus four more. And yet, there were too few lifeboats by far.
When a regulation bears little relationship to the underlying reason for the regulation, it's actually worse than useless.