There's a fair point to be made there. But then I would ask which solution is best: lobbying hard enough to democratize the organizational structure of ICANN, creating a competitive ecosystem, or resorting exclusively to a ledger of entries with no capacity to be modified according to legalities, attacks, or otherwise? What if someone spams the ledger with too many names? What if someone takes domains that should be illegal for them to possess? What if someone takes someone else's private key? What if an organization gets their private key stolen? The vectors for exploitation don't just disappear because you have a decentralized system. The exploitative behaviour just changes.