I agree this may work fine for Bitcoin as a minimalist commodity coin and I favor that view. I do think ASICs and mining pool concentration & power have made it more difficult to decide how well it's working. Also coin systems without built-in governance may be able to use these voluntary mechanisms to at least signal community support beyond hash power. External mechanisms like donation auction voting can be a show of broad & deep community support that could influence those that control the majority hash power. Mining pools will also be perceived to be acting less like mining cartels if they follow along.