Why do you believe that the regulations for the onsite manufacturing of chlorine or ethylene are going to be any better?
The issue is that the companies have been playing fast and loose with safety. If you don't choose to reverse that, it doesn't matter whether you transport the chemical or manufacture it on site.
More like billionaires will short that stock and get bigger yachts, while huge swaths of this country see job loss with no replacement or much of a social safety net.