How is this not the well documented Hawthorne Effect? That being watched digitally and with more ubiquity seems to be a distinction without a (real) difference. Calling something new does not make it so.
Social Cooling is related to a number of concepts, including Foucault's panopticon. But Social Cooling is about much more than "individuals change their behavior when observed"(the Hawthorne effect). That's only the starting point. Social cooling aims to cover the large scale societal consequences of that effect, and makes a comparison to Global Warming to point to the scale of the problem as well as the possible path that leads us out of the problem.
I sincerely doubt that anything that places the 'panopticon' in the center of the analysis will be able to point us the path that leads us out of the problem. The discourse of ubiquitous surveillance (or less political: observation) is a discourse of weakness, a discourse of lacking alternatives. The only normative proposal they make is: watch us less!