Interesting food for thought.
Some people will point out that no medical exam is infallible and I agree that single-pilot operations without an emergency autoland system have all of the redundancy of a single-engine operation, under IFR, at night.
It is my understanding that the essential difference between a Class 2 and Class 1 medical is the requirement for an ECG. In many other countries, an ECG is required for all levels of aviation medicals. For example, in Canada, a routine ECG is required for a Category 3 medical at the first examination after age 40 and then within 48 months proceding subsequent examinations. Category 4 medicals (which are required for Recreational Pilot Permits) are required after the age of 50 and then every 2 years.
After attending a forum on pilot medical reform at AirVenture several years ago, I thought it interesting watching so many overweight boomers, some driving electric mobility scooters, vehemently asserting that they were fit to fly and a requirement to visit an FAA examiner every 2 years was superfluous.