Yes, there are a lot of "developers". But there are also software engineers, even if our engineering craft is less-well developed by the standards of civil engineering or mechanical engineering. I understand engineering organizations (like those in Canada) who oppose the use of the term "software engineer" because there's no common code of practice or standards in the same way that those who wear the iron ring claim is incorrect.
I think that we, as a profession, need a code of ethics (and the ACM has a good one, https://ethics.acm.org/code-of-ethics/) and the application of software in certain cases should absolutely be regulated the same way that the various physical engineering practices are (healthcare, AI, finance, legal applications) so that there are consequences for the businesses and potentially the software engineers involved with those businesses when they cause harm (see sentencing guideline software in the US; see the contract that developed the Royal Mail "audit" software that could never work as advertised; see the rampant fraud that is crypto; see the abuse of generative models to software-wash copyright violations).
But the lack of regulatory bodies does not mean that there's not a practice of engineering involved, it just means that there's no regulatory body that governs said practice.