Some regulations are absolutely necessary, such as the ones that tell air traffic how it must behave in crowded airspace, and industry how much it can pollute, but in most cases, common law handles what you are talking about.
How can state
regulation ever be considered necessary? A state regulation is nothing but an edict issued by men with guns who threaten to initiate violence against provably innocent people for provably innocent acts. Think about that for a minute. Try to cite an example of state regulation being enforced which is not an initiation of violence against an otherwise innocent person. Regulation is not like a law against murder or a law against theft where the violation of person or property is addressed. It is an attempt to criminalize various aspects of otherwise peaceful, voluntary, non-aggressive human intercourse (i.e., freedom). It is done in the name "preventing crime," and that is why the concept is so Orwellian. It totally perverts the concept of law. It actually manages to criminalize freedom while simultaneously legitimizing organized crime (the armies of state thugs who punish innocent people for various non-crimes).
Air pollution is a simple matter of enforcing property rights. Read Rothbard on the subject. And I'm pretty sure that if you investigate the matter, you'll find that the rules for air traffic were developed by the pioneers of the industry long before government got involved. The state is always a latecomer to these things, and usually steps in so that politicians can grandstand and gain more power for themselves and their cronies. There is plenty that has been written about market solutions to perceived public goods problems like air quality, air traffic control, the radio spectrum, etc. If you apply the homesteading principle properly, then it's fairly easy to work out the property rights of those involved in a dispute.
You are right that air traffic rules, for example, don't have to be created by government, but let's say that they are merely an industry consensus instead of regulations having the force of law: As a pilot, I would be terrified of the fool who decides to put everyone else in danger by violating that consensus on correct behaviour! Yet in many cases, the person could violate that law without directly encroaching on another person.
As for air pollution, your idea can be dangerous. Sure, dumping chemicals into a river might be a clear example of tort, but what about someone who simply decides to run a factory? At what level is the person exercising their own property rights and at what level are they violating other's rights? Environmentalists and manufacturers are likely going to disagree about that line, and because it's not black and white, I find it hard to believe that courts could agree on a consistent, fair to all, common law standard.
Regulations are not perfect in this case by any means, but they seem to me to be a simpler answer. I'm not saying it can't be done, but it would be very difficult, and very dangerous. At least regulations can be changed by democratic influences, but in a common law judicial system, precedents, even bad ones, are difficult to over turn.