One of the big problems with it is that white is heavily advantaged, there's a large incentive for incumbents to play for a draw, and playing back-to-back matches is incredibly exhausting. Any attempts at correcting for this can result in an unfair set of rules for someone.
For instance, the FIDE World Chess Championship between Ian Nepomniachtchi and Ding Liren is starting in about two weeks, and there's hardly any hype related to it. However, once the tournament starts and there are some interesting results, hype gradually builds up. Like when Carlsen lost two back-to-back games against Giri and Abdusattorov, there was quite a bit of interest in the tournament. Or the famous Carlsen vs. Niemann controversy.
https://www.chessdom.com/fide-fair-play-commission-forwards-...
Chess lately has been pretty dramatic, Google "Hans Niemann cheating allegations" if you don't already know -- in my opinion, far more dramatic than this.