I'm not sure if this is a genuine question, but if so, the controversy is this: Why should ICANN have the power to suspend your domain name in the first place?

I'm not sure if this is a genuine question, but if so, the controversy is this: Why should ICANN have the power to suspend your domain name in the first place? How does the Internet get better by having an organization that can terminate your key business (or personal) asset just because you missed (or misread, keeping in mind not everyone is fluent in English and everyone is wary of scams) an email they sent you?