I tried something like this once and it worked surprisingly well, even for a UGC site. Years back we were doing something that included users documenting TV shows. We had a big meeting where people put every feature they wanted on index cards. We laid the cards out a founder's dining room table. The host got their change jar and each person got a certain number of pennies to mark features they thought were vital for…
What about abuse/vandalism? If the whole web has edit privileges, what's to stop someone from scripting changing all of the titles to random strings every hour? Do you do a captcha on every edit or something? I think the main idea around user accounts is that they centralize a point of applying captchas as well as a tiny bit of data collection (some form of contact information) that can be used for antispam (e.g. ban…
Note that the world's biggest content site, Wikipedia, allows anonymous edits and always has. And note also that some of big tech companies, despite having all the money in the world, still have problems with fake accounts. So at best, requiring user accounts is one possible anti-abuse step, but it's neither necessary nor sufficient to prevent abuse.