That is a Huuuge number of IP's, at a very high request rate, required for every new connection. It is orders of magnitude greater than DNS, and would be expect

That is a Huuuge number of IP's, at a very high request rate, required for every new connection. It is orders of magnitude greater than DNS, and would be expected to have much lower latency. Throw onto that the trust issue - such IP certificate repositories are very quickly able to determine who is communicating with each other, and at what time. Whilst this is currently possible anyway, current methods are less centralised, more expensive, and more visible. You'd have to go full onion