Yes you are right that from an economic standpoint you will be able to quantify anything. However, GAAP/IFRS was specifically created to handle only a subset of that whole gamut viz. recordation into Books of Accounts and generation of Balance Sheet, Income Statements and Cash Flow statements. There are commissions in place to handle fraud and deceptive practices for things that cannot be codified into the Books of Accounts. For instance, the Anti-Monopoly Acts enacted in various countries have safeguards that prevent a single entity from monopolising the market. However, if you try to codify this into the Books you are going to have a tough time when the law changes. You can't go back in time and retrospectively change your ledger transactions (which is static) to reflect changes in law (which is dynamic) or values/morals (which is also dynamic).

Please note that I am only replying in the context of GAAP (which you mentioned). If not, I agree with all the ideas you presented and only disagree on the one aspect of it being added to the GAAP/IFRS standards as the purpose of it's creation was to precisely steer away from unknowns and only record the knowns.