I like the idea of social regulation (voting, reporting, block lists, etc.) to govern the content. Also a healthy use of computer vision and ML to weed out offensive images will probably be necessary.

I think the previous incarnations of this were a bit too creepy and focussed way too much on the location-based aspects of it rather than the experience of augmenting "what's going on around you right now". They were also way too early... Users weren't ready to allow an application to use their location a few years ago.