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