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Did that ever work for anybody? It’s an obvious idea, someone must have tried it by now.

Not sure if that is what you mean, but at Microsoft they have the *Bug Cap Formula, which is:

Bug Cap = # engineers * 5

If the bug count exceeds the cap at the end of the sprint, the next sprint is used for bug fixing only.

I absolutely love this idea and I will be lobbying for this going forward.

Seems easily gameable by simply not reporting any new bugs.

My impression is that, at a place like MS, bugs are often reported by a separate team accountable to different metrics.

That works for consumer facing bugs, but a whole lot of them are found by devs.