Maybe HNS Handshake is already doing this, inspired by bitcoins ethos and approach.
Discussion
Doesn't look good. "Bidding" on names after waiting a day, JavaScript injected into the homepage for no reason...
It seems to have been designed to promote an unfair distribution of who owns what names, by launching in this state with overly complicated name registry.
I still wonder what else is out there. Ethereum Name Service has had a lot of hype for years, so I'm surprised I haven't seen a good alternative pop up with momentum. Wouldn't be surprised if something bubbled up at any time