Gab tried to pull the same thing with their Dissenter plugin. It was such a bad idea that Mozilla and Google banded together to remove the extensions from their stores for ToS violations.
Now imagine what a nightmare it would be to moderate the ability to comment on anything online with actual standards and decency.
I'm in the first camp. Instagram is flooded with spam accounts posting links to illicit Telegram channels where actual CSAM is being distributed. The owner of Telegram was also arrested recently for failing to safeguard his platform from such highly illegal activity. Children having easy and often unrestricted access to social media is probably the reason why things have gotten so bad.
Every major social network should be asking for ID verification, but there should be strict safeguards on how that information is used and stored, with hefty fines for failures to safeguard.