You're right, you can do all that--until vested interests revert your blockchain because the current blockchain status quo isn't to their liking, at which point your belief that code is better than law is a lie, because it still comes down to powerful individuals deciding what benefits them instead of letting "deterministic" outcomes stand.

It's not that people are laughing at it now; it's that it's already been proven to be a fraud, where the promise of an immutable blockchain is a grift to part suckers from their money.