Is not a phrase you should use lightly... government involvement in anything is rife for mismanagement. At its reduction, a domain name is an agreement between people to use X address for Y purpose. What would this power even mean?
The entire internet was built on public funds. The very reason why Verisign has exclusive control over .com and .net is a 1993 contract [1] with the National Science Foundation (or rather InterNIC [2], the successor of Defense Data Network NIC and predecessor of ICANN). They gave them this monopoly on the condition they pay 30% into a public fund, but the court ruled it an illegal tax.
Do they add any extra value, aside from hijacking DNS with their ad pages [0]? Do they have any meaningful competitors? Can you make your own TLD and enter this market? What would be different if ICANN managed domain registrations itself, without the intermediary, short of having more checks and balances stopping them from milking their customers dry? Your government didn't need to sell all public roads to a monopoly to figure out how to tax them.
[2] https://en.wikipedia.org/wiki/InterNIC
What happens if you lose that private key?
The problem is that it’s only a rented domain and thus a rented username. My DNS provider Porkbun offered a 5 year deal, but I would pay for much longer if I could.
I don’t mind paying for the domain name so much but I do mind the fact that even after paying for the domain name, there is no guarantee of having full control over the domain name. I do mind that even after spending money year after year, we are only renting a domain name, with the possibility of the domain name being taken away from us anytime!
I used to be a big proponent of hosting your email address at your own domain name. But then I had a very unpleasant experience of losing my domain name several years ago, for no fault of mine, due to anti-malware operations completely unrelated to my website. After that incident, I am not so sure!
I have written more about that incident here:
https://susam.net/sinkholed.html
I wish the mainstream World Wide Web were built around the concept of owning a domain name where we could prove our ownership using a private key.