Sounds great.
A max elo, and then of course jail or fines to enforce it.
I suggest put Biden in charge.
He makes it really exciting...and the max elo changes to his cognition...ending at 100.
Heck youd be accused of cheating for e4...put your queen en prise, but you opponent couldnt take it. And the engine being the police. Are you sure you want to take his queen? Thats a 1000 move and will cost you $10,000.
Chess theory is about rules and regulations. Why should rules and regulations play a part in a game where creativity dominates?
If not for the common idea that the kings gambit is an opening, or that positional dominance is paramount to victory, there would be a lot more variety in chess.
Today one can actually predict what the first forty five moves in the world chess championship match one will be.
There was a time when there was no chess theory. Pre Paul Morphy, people played chess like whatever.
No doubt in some of the hypermodern games, chess theory does appear randomly, but not by choice. That's why Philidor's games are some of the most exciting.
And if Chess theory had never been a thing, then even today, even if nobody knew that square control and pawn chains and so forth were the fundementals of winning at chess, chess would no doubt be played more haphazardly than otherwise, but it would be a lot more exciting.
The peak ratings might max out at an ignoble 2200 or therabouts, the world champion might end up with a 2250 rating and 2300 might be the new coveted 3000, but, chess would be a lot more exciting.