The thing I'd compare it most closely to, is an exclusive licensing of IP rights from a copyright-holder to another entity, where those rights include a sub-licensing right. While that contract pertains, the entity who licensed the rights can basically act as if they owned those rights; but the actual legal right-holder can always just revoke the licensing agreement — in the process, either "absorbing" the transitive license grants to themselves, anuling those transitive licenses, or finding a new contract-holder and transferring the "stewardship" of those transitive licenses to them.
ICANN can only cancel Registry contracts under specific circumstances. Listed here: https://newgtlds.icann.org/sites/default/files/agreements/ag...
This law firm wanted $250k up front for the application, told us it could take over 2 years, and did not offer any guarantees that the TLD we wanted would be approved. It's a total scam up and down.
I'm no expert on Handshake, but it has a built in open auction system for registering TLDs. It seems to be the best alternative to the ICANN cabal and an actually decent use case for a blockchain. We bought the TLD we wanted on Handshake, and it cost less than $1,000. If we could only get browsers to support it...