To be honest, that's probably the right decision.

The point here isn't that the stuff is healthy. It's just not dangerous enough. Despite a lot of research there still was no link to cancer proven. I.e. at worst there's a very, very small risk (to consumers that is, the people who use it should use PPE). And on the other side we do have very serious negative effects such as a further rise in the cost of living and threatening the food supply if we decrease the yield of farmers.

So unless we're willing to chose more drastic solutions - e.g. removing all subsidies on livestock farming (meat is horribly inefficient, if less were produced the prices for plant based products would fall drastically) - this is the lesser evil.