I think you can have both.
I also want strong regulatory bodies doing those analyses, but I also would like to see them using reasonable Bayesian priors on safety. I think assuming the Bayesian prior that: compounds that occur naturally in our environment at concentrations and particle sizes similar to what we'd be exposed to in a proposed new product are likely safe to use. The opposite just is not a good Bayesian prior, and such compounds should require greater assurance of safety before being allowed to be used in novel ways.
The above is particularly true for organic compounds.
I'd also like to see regulation of analogs like they do with drugs. Swapping out BPA for other analog chemicals with very similar shape/composition is something most people with a decent background in biochemsitry would be extremely skeptical of. Let's say they banned BPA entirely. I'd like to then see regulators step in and ban analogs by default for the same use until proven otherwise.