This doesn't do that at all. It punishes employees 100-1000 of late stage startups with unknown, perhaps bankrupting retroactive taxes. The entire 409a system was designed to protect exactly that group of employee after the dot-com crash, and this undoes it.

Founders and execs likely will be fully vested before their options are worth anything at all (figure 8 years from founding to IPO, 4 years to vest).