Tourist,
As others are stating the issue here isn't that there is risk in flying displays, everyone knows that and a level of risk applies to many things we do on a daily basis.
The point that I personally am uncomfortable with is that, from the outside looking in, it was becoming increasingly obvious that a Shoreham type event was ever more likely. The regulator should have adapted to the changing nature of air displays over the last 20-30yrs, be they the types of planes being displayed, the people displaying them, the people overseeing them, the venues themselves, etc, etc. You only need take a cursory look at the various reports/bulletins released post-Shoreham to understand that the CAA (& AAIB) also acknowledge this.
The tragedy for the industry is that, instead of gently shifting with the times, proactively tightening things up where required, etc it is now faced with a magnitude of change that could kill it off entirely