This is the same reason why OSHA regulations don't make a workplace any safer. A company that complies with OSHA regulations is only doing it so they can certify that they are OSHA-compliant. Meanwhile, mandates imposed by the company's insurance carrier do far more to improve workplace safety than OSHA does.
I don't know about OSHA so much, but I do know that employees take the safety stuff seriously. I try to do a safety walk-through every month, but over the last couple of months, other things kept me very busy and I was not able to do the walk-through. Then, at a baby shower, one of my employees asked if I wasn't doing them any more.
Oops.
Doing the safety walk-through does not accomplish much in itself (I have never found a serious issue), but it gives the employees that the employer cares about safety, and they are more mindful as a result. That is a good thing, because one of the things I do not handle well is people being injured and bleeding.