This seems like it has gotten out of control - it is a basic key/value lookup, and we've created a rent-seeking, global series of registries to further suck good money from people.
I worked briefly at a registry - it is money for jam.
I don't know if the DNS protocol and all the related ones are fundamentally broken or need fixing, but it seems to me the problem is ICANN and the web that spreads out from under it.
Why can't we just create an alternate ... distributed naming system, except without the rent-seeking/government ownership attached? I mean, this focus on how important the last bit is is ridiculous, the namespace doesn't have to be artificially restricted, beyond what the protocol might require.
I guess I have a simplistic view and probably lack a bit of history, and there must be something preventing it. Do the top-level servers collude, and help to create something like ICANN, or was it taken out of people's hands etc?