Look at the US. They thought there were all these rules restricting a variety of things relating to governmental powers. Trump ignored a bunch of them, and it turns out there weren’t laws in place to prevent or enforce repercussions. Just conventions that most politicians abided by. Now they’ve got that cluster fuck. Or more directly related, there were laws regulating the stock market. Those regulations have been eroded over time by those who would benefit. We let them, and now inequality is off the charts. Systems this big and intertwined need structure. You can argue about whether you want it centralized or decentralized, but it needs structure. Letting people decide what is right for themselves leads to what we have now. Those with money have the power, and they are free to keep taking from those at the bottom.
And let’s not fool ourselves. I’m sure that at least some, if not most, of these signatories aren’t doing this out of some altruistic streak. Doesn’t take morals to see that we’re headed for class war. That or economic collapse. They are giving up some money/power/control so they don’t risk losing it all.