> We would? If the only laws on the books was that people who manufacture or sell drugs and pharmaceuticals had to faithfully represent their contents (covered under law's regulating commercial speech) and safe to consume (covered under negligence) but you couldn't tell people what they are and aren't allowed to sell, posses, or consume I think we would be a million times better off.
I wouldn't be so eager to go back to the days of snake oil salesmen who can be fully honest about what something contains, while lying through their teeth about what effects it would have, or the research they've done.
Where if you do take something that makes you sick, or a batch of bad drugs floods the US market you can't possibly track down the people responsible because there are countless people on the street and the internet selling medications, with new unlicensed and untracked sellers popping up and disappearing all the time and no way to trace a particular pill or formulation back to the maker. Where the people who are sickened or the families of those who have died will be required to have enough money and time to take massive corporations to court and prove that a specific company and their drug was responsible for the harm, and that it couldn't possibly have been any of the other totally unregulated drugs the victim had taken at any point in their lifetime.
Where quality control is not mandated and there is no inspection or oversight of manufacturers. Where testing and clinical trials aren't required. Where there is no post-marketing monitoring for adverse effects. No rules against selling addictive substances to adults and children.
Where it's perfectly legal for pharmaceutical companies to bribe doctors to prescribe their drugs to the sick and desperate and to sell them at any price. Where there are no limits whatsoever on advertising them. No rules on how drugs should be labeled or regulations requiring sellers or manufacturers to make people aware of a drug's side effects or contraindications ("Our drug is perfectly safe! It isn't our fault the dumb consumer took it with that other drug and it killed them! They should have done their research! Caveat emptor!"). No rules about drugs requiring a prescription leading to people buying and taking them inappropriately and nothing to stop people from stockpiling essential medications making them scarce.
Over and over again we see how even our current regulations have been weakened and the regulators captured by industry and how and it's resulted in our regulations failing to protect people. We've already seen how totally ineffective those commercial speech and negligence laws you want to exclusively depend on have been at protecting Americans from cosmetics (https://www.hsph.harvard.edu/news/features/harmful-chemicals...) and supplements https://www.bostonglobe.com/metro/2015/10/14/diet-pills-and-...) that are almost entirely unregulated.
I'm all for the legalization of recreational drugs, but I want those drugs heavily regulated like any other pharmaceutical. Be careful what you wish for, and spend some time studying what things were like before the US had drug regulations before you go suggesting we throw away over a hundred years of progress. I promise that while things aren't great, they are much better now than they were before we regulated drugs.