The thing is, companies already rip off eachother because an idea is only safe when its inside someones head.
There are different ways to do reverse engineering and i do understand that some are more illegal than others.
Also the reason why matters, if it were for commercial purpose, that'd be different.
Regulation is neccesary, in some cases.
If there was no reverse engineering, then there would be no concurrence at all.
And i tend to believe that concurrence leads to better advantages for the customer.
Imagine there being only 1 operating system that has almost full monopoly, it would suck. (no, this is not a joke

And yea, no one in a position to change the law sees anything wrong with it.