In this case, correlation kinda does equal causation. See source.
1. airline safety increased (statistically significant) after regulation in the 1930s-40s
2. rate of airline safety improvements decreased (statistically significant) after de-regulation in the 1970s.
This isn't to say that de-regulation is bad, but regulation could probably be more targeted and effective.
https://pdxscholar.library.pdx.edu/cgi/viewcontent.cgi?article=2296&context=open_access_etds