The shareholders got what they wanted with Intel. If it was the wrong decision for Intel doesn’t mean it’s the wrong decision for everyone and should be banned.
The idea that the stock market can only be used to flow shares in one direction has no merit. If you want to regulate executive compensation do that with direct clear regulation on executive compensation, not via some indirect rule change on the stock market.
Stock buybacks are the indirect rule, it wasn't even allowed for most of the existence of stock markets, it's the odd one out which created perverse incentives.
It's not about regulating executive compensation, it's to close a gap that was opened and only led to poorer decision making at the executive/board level, there's no advantage to the company. It's a stupid instrument with no reason to exist except to return money to shareholders in a way they can avoid taxation events.
The idea that the stock market can only be used to flow shares in one direction has no merit. If you want to regulate executive compensation do that with direct clear regulation on executive compensation, not via some indirect rule change on the stock market.