First, it's ridiculously easy for powerful and dubious players (example here Russian intelligence, not Trump) to twist this well-meaning idea into a horrible parody of itself.
Second, the most vulnerable to manipulation from this technique are democracies (and to a much lesser extent) public corporations, who I would argue, are less of a problem than either autocracies or super-rich individuals. You can't embarrass Putin out of office no matter what gets leaked. Anyone who tries to use it against him will fall out of a window and it will be forgotten. Nor can you easily make the Koch brothers behave, even if an award winning journalist writes a best-selling and award winning book about their shenanigans https://www.amazon.com/Dark-Money-History-Billionaires-Radic...). You'd pretty much have to leak photos of them holding severed heads to get the US government to move against them effectively.
Third. Often, it's politically dangerous for a leader to do the 'right thing'. This technique is just as useful to prevent someone from doing the right thing as it is to prevent them from doing the wrong thing. The difference is how controversial the action is, not whether it is right or wrong.
So, regardless of whether this can be done securely, it's really important to ask yourself how it is likely to be used, by whom, and to what end. People tend to forget that stuff when they have a cool new technology.