I don't think anyone is suggesting that you wait until your reg fails to service it. To stay with your brake analogy, when do you service your brakes? Every X miles, or when they show signs of wear upon inspection? It's the same with regulators. A little IP creep, a small leak here and there, or maybe simply enough time/dives so that you would feel better servicing it. But simply taking the manufacturer's recommendation for annual service is excessive IME, and given the lack of qualifications required to be a "professional" service tech, is undoubtedly more likely to result in a failure on a dive trip that simply inspecting regularly and servicing when indicated.
The manufactures are looking out for their dealers, and themselves to an extent with this absurd 'every year or else' service policy. But not for recreational divers.
A huge problem with the whole safety and maintenance issue as prescribed by the dive gear industry is that there are no licenses, no exams, no qualifications for professionally servicing regulators, other than the one-or-two-day no fail seminars offered by the manufacturers. If regulator failure was truly life-threatening, you can bet that you'd need a license with peer reviewed exams to work on them.