I mean, if we created a new distributed system, and grandfathered the old one, how can the current incumbents stop it? The control over a name pointing to an address could be done with a blockchain, I'm hearing.

So we move to a new naming convention. An arbitrary prefix on the end of a name shouldn't mean $$$$.

I'm saying we (techies anyway, not money-grubbing VC's), can make the decision for them, en masse. When they say "But, we need to make money from this!", we reply, "No, we need a naming service for these internet addresses. Go get stuffed."

The finer details of how it all works can be left till later.

That's a weird way of putting it. Anyone can create DNS roots based on any hierarchy they want, no-one will stop you from doing that. The meaningful question is how do you get anyone to use your fancy new roots?