Unfortunately it would be hard to collateralize since there is technically no limit to the dividend, similar to a sold call, but just like a sold call you could collateralize with an equivalent sized long position. That could probably be useful for tax optimization (similar to how many of the crypto lending services require full or over collateralization of the underlying, with the market generally being people who want to spend appreciated crypto without realizing a gain). Congress would certainly eventually address this, but there would be a few glorious years of deferred capital gains.
It could also be extremely useful for market making - when you can’t get a share to sell to fill or collateralize an order, you generate a synthetic long and anti stock. But you’d probably have to get some system in place with clearing houses where you eventually replace the synthetic long with a real share. IIUC this is pretty close to how the system works already.
I want to go to this party, IME most Bay Area parties are just really awkward nerds trying to suss out who is making the most money