it's awesome concept. just imagine, nobody takes a step without paying for permission!
And technological progress slows to a crawl, humanity dies in 50-100 years because they didn't solve any of the important problems and instead reverted to the world as was in the '50's or earlier. Huge gain right?
If I had to make a choice: I would very much live in the current modern world as a poor (but not broke) person, than live as a medieval king. What one stands to gain by continued technological progress is a quality-of-life change of that order of magnitude. The risk for doing nothing is at worst an existential risk that ends with the demise of human civilization with low hopes of rising up again.
Whatever short-term benefit one might have from being 'a king in hell' is certainly not worth the long-term benefit of being a 'servant commoner in heaven'.
Maybe some nasty personality types would prefer to be the king, merely on the virtue of dominating others, while still living much worse than he would if he would have chosen to cooperate with everyone else.