I think one of the primary reasons that it is such a dumpster fire is there traditionally hasn't been an "open" ecosystem in the hardware world, though now they are being forced towards that direction kicking and screaming. Every part of the hardware ecosystem has traditionally been done in closed, NDA ridden environments and only over the last 5-10 years has that even started to change. Designing chips has required…
We're aiming to push things in the other direction with OpenTitan: https://github.com/lowRISC/opentitan/ It's an Open Silicon root of trust, all RTL (the actual hardware design in SystemVerilog), firmware, documentation and verification environment is open source and in the repository I just linked. We're closing in on our first discrete chip (details here https://opensource.googleblog.com/2023/06/opentitan-rtl-free.…
Security through obscurity doesn't work, ultimately. When economic stakes are / were lower, it CAN have benefits. At this point, I suspect it's likely that more eyes and openness is better.
That said, I do think that the best solution is likely to be based in a mixture of approaches, much as has been pursued (to my knowledge) and developed over time already. However, personally, I'm a big fan of "formal methods" and seeing more real-world deployment of such methods.
In practice, as has been done that I've seen, you start with small & critical subsystems, trying to design for "parsimony" - making formal methods and everything else more realistic / practical (e.g., "microkernels", everyone's favorite 'solution' since the 80s, at least). But, it's all very challenging because then it has to be balanced against performance, cost, etc.
Not sure this comment adds much, here - again, not an area I have much direct knowledge or experience in - but, your comment did bring some analogous areas and work I'm more familiar with to mind.