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I've put 4000 miles on my e-bike in the past 2 years. Even though I follow traffic laws, I've seen far too much fuckery by other e-bike riders. I'm seeing children riding e-bikes and scooters, without helmets, doing crazy shit in the middle of the road almost cause accidents. I have narrowly avoided hitting such children on 3 separate occasions. I see plenty of adults on these things also not following traffic laws and riding these things on busy sidewalks.
I really do not want e-bikes to be regulated like cars. Being forced to register and carry insurance makes an inexpensive thing expensive. That being said, there are tons of dumb assholes out there that will ruin it for the rest of us.
Registering is fine, a lot of people voluntarily register their expensive bikes with local police that have those programs anyway.
Insurance is weirder. Cars require as much insurance as they do because they weigh multiple tons and can kill people and destroy infrastructure. A powered bike can do a lot of damage, especially if it rams someone, but it has an order of magnitude less destructive potential than a car. Especially for a limited powered bike insurance "should" be significantly cheaper.