I think for the most part the FAA has it right. Like most government entities they create black and white rules in a one-size-fits-all fashion. And yet some of the rules are a bit vague, leaving shades of gray that sometimes get interpreted in black and white. Sometimes, maybe often, the rules should not apply to certain areas or circumstances.
Example- VLOS: Does this mean that you have to have your eyes on your drone 100% of the time. It is obvious that flying in an area of open land for miles is much different than flying in suburban Chicago. Should not the rule be relaxed under certain circumstances? I suspect most folks understand that with good judgement they're ok bending the rule (on a practical/safety level), much like few folks drive 55mph in a 55 zone.
What does this mean for FPV pilots? I doubt that most FPV pilots have spotters all the time- maybe not even most of the time. Even with spotters you know that much of the time the FPV drones are not within line of sight. From the FPV videos I've seen, most are either very low to the ground or out in the middle of nowhere. Again, no shades of gray within the official rules.
But yes... I try to stay with in the rules and never get aggressive beyond the limits of my skill level. And in that regard the rules protect me from the expensive of crashes or worse yet, civil liability. But again, admittedly, some of the official rules have little practical sense. But unfortunately they get put there because one fool or another does something stupid- and we all have to pay the price for them.