Anybody can make the blacklist but at the end blacklists made by powerful holders are visible and seen genuine. Effectively giving authority to large holders to punish small players as is already seen with existing blacklists.
This idea actually reduces the power of the existing blacklists, by making them "opt-in" instead of making them "automatic" for everyone.
let's hope it helps. In any case I see the space evolving. I believe there will be many more iterations of similar hardforks as happened from steem to hive till a system that is useful and just for all stakeholders evolves. I won't quit but keep voicing