[orforforof]

This sounds good in some niche cases, like an English class with a small class size and a highly experienced teacher. However of all the potential fads in higher education this one seems particularly risky to students. In the end the grade is given based on how the prof feels about you, and if they agree with your self assessment. Which can be easily gamed (e.g. student pretends to be a bad writer at first and has a seemingly miraculous transformation) and is subjective. The assessment will also be tainted by one's individual biases, by definition. Whether you agree or disagree about the importance of diversity equity and inclusion in higher ed, one useful principle of that movement is that of clearly defined evaluation, precisely to avoid effects of personal bias.