Yeah, it has happened:
That said… What industry doesn’t have recalls? At least eight children are known to have died from falling, improperly secured IKEA dressers.
That’s tragic, of course. I do think it would be ideal to have some sort of independent design review, at the least, let along production. That said, no, it’s not a concern I have when actually buying a bike. I suspect I’m much more at risk from riding on roads and at high speeds than from a failing part. We all make our own judgements, though, of course.