This would stop the currently exponential pace of growth from outpacing what society, and regulation, can adapt to. Thus avoiding the inevitable crash that will happen when we lose control of the exponentially accelerating train of technology, and it flies off the rails.
But that would be more like the steering mechanism employed before the invention of the governor for steam engines: actual persons trying to regulate the speed of the engine by manually pulling levers.
The equivalent to the governor would be an automatic intrinsic feedback loop that, once established, is continuously and automatically working without manual intervention.
So your steam engine governor analogy might be not quite fitting.