If we remove everything that can potentially cause harm, there will be nothing left alive on the planet.
Instead, we should learn to do the best we can to train/handle them correctly, minimize potential risk to others, and accept that accidents happen, which is often more appropriately attributable to circumstances beyond our control, as well as people (e.g. victims) being reckless, careless, inconsiderate, and lacking self-control. Kids can't often help those things, so if kids and pits (or any medium to large breed, really) are to be in the same vicinity, enhanced precautions should be taken. Even if it's not a pit, most dogs are territorial and become quite loyal and protective of both their environments and their masters, and the masters should always remember this: the dog may perceive a threat where you do not, and since you understand better than the dog does, you need to do your best to make sure to maintain control of every situation.
You're not just protecting others from the dog, you're also protecting the dog from others, and from itself.