Yeah this happened during the Napster era and it was so incredibly unpopular and unsympathetic with the general public that it didn’t continue after a while. Suing a single mom on food stamps for thousands of dollars because her teenage son downloaded a game one time is a truly abominable look for a company.
This is all well and good if you have a group that can be on this level, but also don’t be surprised if people get upset when all you do is yuck their yums. Read the room in other words.
Everyone talks about password managers these days, but isn’t that telling the hackers exactly where to go to get all your passwords? Seems like a much higher chance of catastrophic failure to me if you have a single point of entry.