I think this is a good point to go deeper on. Layer 1 should be immutable and irreversible, while Layer 2 can have public, multi-sig/vote-based upgrade processe

I think this is a good point to go deeper on. Layer 1 should be immutable and irreversible, while Layer 2 can have public, multi-sig/vote-based upgrade processes. In this case, on a layer 2, the contract code could be updated, but only if those with locked ETH vote for the upgrade to be processed. Better yet, the Layer 2 could allow ETH to be withdrawn from the contract by the owners and the contract itself could be deleted. I think the general, technically-informed public often miss the distinction between Layer 1 and Layer X and how they differ in the need for decentralization and censorship resistance while still providing users with security.