It'd allow for public scrutiny at the algorithms that run our lives. It'd essentially mandate thorough vetting of how anonymous and/or biased the data being fed into these algorithms is.
Which would be interesting
It’s rather well known, so you should probably read up on it before espousing strongly worded opinion weakly connected to the current state of the art.
The only way we can assure that cryptographic algorithms are in fact secure is to subject them to public scrutiny over many years.
Perhaps the only way to ensure that machine learning algorithms are not racist, harmful or biased is to have access to both the algorithm itself, the trained model, and the data that created it.
Algorithms can be biased. Data can be biased. Trained models can be biased.
We can't trust the government or companies to prove that a cryptographic algorithm is secure and we can't trust the government or companies to prove that an algorithm is unbiased and unharmful.