This is a FUCKING TERRIBLE idea. Talk to anyone dealing with the Youtube Heroes debacle, or, oh, I dunno, ANY OTHER SITE THAT ALLOWS RANDOMS TO FLAG CONTENT.
Here is what is going to happen. Churches are going to hold parties where "Left-Leaning" libruhl media will be flagged and challenged. Colleges will offer report-a-thons for school credit to frame a specific narrative. Every lobbyist, think tank, whack-job group with an agenda and a following will descend on this idea and fuck it.
Having watched the internet mature, for better or worse, anytime you let the "internet public" report in this manner it turns into a fucking shitshow. The big "influences" and their hangers-on will game the system and make it into an echo chamber.
Terrible fucking idea. Something like this had to be curated with people who will face repercussions for injecting an agenda.