Its a good concept, but it violates other concepts of the blockchain and would mean implementing a central authority with the power to force a transaction. Try telling a cryptobro to use a coin with a central bank and imagine the reaction you’d get.
At least with the way the regular banking system is set up, you can get a court order to enforce a correction without needing the consent of all parties, which is useful for fraud, theft, and even probate cases when one party is deceased and can no longer consent to a transaction. There are enough problems with our system to write an entire library of books ON TOP OF the library that already exists, but this feature is one of the few benefits.
I can’t find the case study, but this blockchain project by IBM was implemented in Singapore and was shown to reduce customs processing times from several weeks to just several hours.
The general idea was that with a successful blockchain implementation, the Singapore government was able to expedite parts of their customs process which normally require intensive human labor, and the use of smart contracts removed the need for having documents sent and resent when all parties had access to the smart contract directly.
There are specific use cases where it can benefit existing processes, but people just think blockchain = crypto.