@inthehands
Many of these companies do their own internal highly conflicted IRB. Or they contract out to captured companies (like the Enron/Anderson auditing situations).
This is also why it has been important to put research in the hands of university researchers rather than private corporations.* We have shifted research from public dollars (which are transparent and public**) to private companies (which are not***).
* Yes, there have been problems in the past, but (as you say), we have spent decades fixing those problems. Modern universities have strong IRBs because a mistake would jeopardize their existence. These businesses just don't care.
** Everyone complains about every goddamn muffin we buy for our lab.
*** The myth that private corporations are more "efficient" than public accounts is 100% due to a lack of transparency in private accounting.
If my colleagues did half the sh*t that Musk's Neuralink is doing, they would have lost their funding, their jobs, and even their tenure. (Not just human trials, but even in the non-human trials.)
This transition is a bad thing. There are going to be some very bad things coming.