The danger of an ungoverned chain is always higher than one being governed badly (you can always change this in a referendum), in my understanding that's what eos is about. I dont see why Dan and so many (maybe just blindly following him) are so keen about a dapp layer arbitration, which is no arbitration at all, apart from the idealistic idea of voluntarily enabling arbitration... in reality a small hodler will just have to accept the TOC of the mighty EOS critters/casino dapp (just to give you an example), which will be 100% tailored to the need of the casino, and that will make any arbitration (if it were even included in such a contract) nothing more than a joke.
RE: Proposal for an incremental Constitution and Dapp layer governance on EOS