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You already can't do whatever you want, even in ISM bands (... a WiFi AP with 5 kW transmit power would be really bad for everyone. It's also fairly illegal.) Having some rules forcing devices to cooperate (... perhaps more intelligently than WiFi currently does) would be welcome... but there is a difference betweeen "having to be nice and coordinate with each other" and "needing explicit permission from a centralized authority to do anything whatsoever".

Actually, the proposal already contains this: "An automated frequency coordination system would prevent standard power access points from operating where they could cause interference to incumbent services." We could absolutely have central authority assigning time slots in congested areas in a fair way, while staying decentralized everywhere else. A bit like the way air traffic control works.