But what happens if someone buys your trademark? Don't worry ICANN says, we have that covered, with a process that allows trademark holders to challenge squatter registrations.
But what if the name was created by an open source community, without the financial resources to mount a challenge? I have some standing there, because I played a role in establishing blogs. How does Google get the right to capture all the goodwill generated in the word blog? They are not the exclusive owner of it, as they are with the name Google. However they claim the right to become that owner, by paying $185K to ICANN. Nowhere in their proposal is an offer to pay money to the people who created the idea that they would take over. And what if the creators aren't willing to sell it to them?
Now you see the problem. And it extends to words and concepts that weren't created by anyone living today. Sex, love, laughter, babies, books, songs, cars, poetry, etc. These things shouldn't be TLDs, they're too important, too basic to life. Not the kinds of things any company, for crying out loud, should be able to claim to own.