I think this would kill off whatever is left of the M+ community.
Just my opinion but M+ worked a lot better in Legion when people understood that the weekly chest was the real prize and that you would likely need to overgear the dungeon run to get appropriate loot for your weekly.
Somehow in BfA the community switched and started to see individual M+ dungeons as a gearing system and that’s when a lot of things went down hill and the IO and ilevel requirements started to get unreasonable.
I think removing the weekly chest and pushing people further into “spam M+ for gear upgrades” is just going to exacerbate the problem.
If anything they should do the opposite and remove drops from the dungeons so that someone who is only 360 isn’t trying to spamrun 10s for upgrades because unless it’s a coordinated group or that players is above average skill level they’re going to kill a lot of keys.