You're over-thinking what is a very simple concept... :banghead:
The ECM isn't a governor:
1. It does far too many things, to be dismissed in such a way
2. It Never limits your speed (At least not until you're up against the rev-limiter, and this is done for completely different reasons)
3. Based upon your description of what they ECM does to "regulate" the speed to what we desire: that very same description applies to a carburetor with any form of device that controls how much fuel it feeds into the engine. :banghead:
It could be a twist-grip, and thumb-throttle, foot-pedal, a column-mounted lever... they ALL regulate speeds.
Based upon your very description: the only governor on our bikes: is us!
(Which is pretty accurate! :thumbup

Simply put:
Governors are used to set a top speed limit for a vehicle
That is only one of their uses, and only when that is in their design. (The Spyder DOESN'T have one!)
and rev-limiters keep the engine in one piece! nojoke