If college is supposed to prepare kids for the real world, we should be creating environments that simulate the real world as much as possible.
Creating a consequence free semester is the polar opposite of how the real world works. In the real world, you get a job, and you're on probation for your "first semester" when the scrutiny is at its highest. You don't get the privilege of easing into the job, you're thrown in. Shouldn't be any different for college kids.
The safety bubble we're building around kids + young adults is not going to end well.