I assume you are only speaking about those worn during competition (unless training in shoes with insoles impregnated with DMSO and steroids or something along those lines is what you are talking about).
Racing shoes should definitely be regulated for certain things (length of spikes (already regulated?), special propulsive aids built in, etc..). Other things that don't give advantages beyond what the human body can do by itself certainly need not be. That being said, spikes are somewhat of an artificial aid to faster running by giving additional leverage in propulsion, but they are already standard accepted equipment used by all track athletes, giving everyone equal "footing", so to speak, so I think they are a reasonable addition to shoes to allow.