No new gaming regs pertaining to chips have been passed for a number of years.

"If that did not happen, why are so few $1 LE's being released these days?"

Pure and simple. Cost?
Cost per chip on 1,000 chips is either right at or over $1 depending on which manufacturer you are using.
B&G two sided chips in 2,000 quantities cost over $1.60 per chip. I just bought 16,000 $1 B&G chips at $1.03 per chip.