The former would completely negate the point of editing vs. deleting which one can already do.

The latter... perhaps, I guess? But then why bother? Are people so desperate to keep their internet points proxies by retweets and likes that they can't fathom reposting if there was an egregious error?

To me the whole exercise is one of malicious populism. It's an idea that appears liberty-generating on the surface and is used to gather a mob but has no real utility.