This isn’t the most outlandish idea. In fact, I’ve previously advocated for buybacks through a hypothetical outlined here: [RFC] Aligning Governance and Developer Incentives on Namechain - #5 by estmcmxci.
I’ve spared readers the finer details, which can be worked out if and when there’s sufficient community support. But essentially, applying soft buying pressure on ENS from protocol revenue could tighten supply, thereby increasing price sensitivity and, in turn, token value.
Those buybacks could then be redeemed from wENS (see linked idea).