I may be wrong here, but the malleability of notes has to be approved by relays to ensure no funny business is going on.
I'll give you an example.
You post a note (url) that says 'like' and 'boost' if you like puppies.
Then a day later you change the word 'puppies' to 'government'.
This may have a reputational effect on anyone that interacted with your note. Use your imagination on more sinister examples.
Excellent point.
What if it cost money to edit? Just spitballin' at this point.
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Then we're back to the good ol days of, whoever is wealthiest controls the information.
Gah!