I like the idea a lot. It would do two things at once: promote quality over quantity as well as help prevent sandbagging.
As is, it seems like a good strategy for malicious participants who are only looking to advance would be to take quick losses in like 2/3 of their games, gradually decreasing their rating until they reach a suitable level where they can win at will and proceed to go 50/50 the rest of the way (or go on a streak in arenas), since the only thing that matters in the leagues is quantity of wins
If people don't play well they are more likely to lose which means their rating goes down. Is that not penalty enough? It's pretty obvious that the whole point of the leagues is make people play more and I don't think chess.com gives a dam about how people play.