> The real problem here is that there is no consequence for incorrect takedowns. If content is taken down and then it turns out to be fair use, no one suffers a penalty.

There are exceptions to this. See Lenz v. Universal Music Corp., 801 F.3d 1126 (9th Cir. 2015).

"Lenz v. Universal Music Corp., 801 F.3d 1126 (9th Cir. 2015), is a decision by the United States Court of Appeals for the Ninth Circuit, affirming the ruling in 2008 of the US District Court for the Northern District of California, holding that copyright holders must consider fair use in good faith before issuing a takedown notice for content posted on the Internet."

https://en.wikipedia.org/wiki/Lenz_v._Universal_Music_Corp.

"In ... Lenz v. Universal Music Corp., decided by the Ninth Circuit on September 14, 2015, a mother's 29-second home video of her two toddlers dancing to Prince's 1984 song "Let's Go Crazy" has made important new law with respect to "takedown notices" under the Digital Millennium Copyright Act ("DMCA"), holding that copyright holders must consider fair use before sending a takedown notification. This decision increases the potential liability for copyright holders seeking to enforce their rights through the DMCA and should serve as a warning to ensure fair use is considered before sending a takedown notice."

https://www.jonesday.com/en/insights/2015/09/ninth-circuit-s...