It's not "please stop looking at network requests", it's "ask the user for informed consent to look at network requests". Make it a big scary red warning if you want to. Definitely don't auto-grant it to existing extensions.
There are many options that don't involve removing functionality. It's like when Google removed SMS and clipboard permissions because they used to be too broad. People were pissed, a bunch of apps were killed, Google's walled garden got reinforced...