I don’t think the cost are worth the meaningful benefits here. My logic is as follows:
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Implementing this change opens up the argument that all UNI token holders technically have control over the flow of funds. If UNI token holders can vote at any time to change how these funds flow then arguably for tax purposes this is income and they could attempt to hold any individual holder liable for it. This argument hasn’t been fully tested out in the legislature / courts yet and this single fact wouldn’t make or break the analysis but I think it is wise to be more conservative here.
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As the authors noted, upgradeable contracts introduce the ability for governance to rug token holders / ecosystem builders. It will be hard for this system to get traction if it can be changed.
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Uniswap specifically has always held immutability as a core value. Yes, there are meaningful tradeoffs but people expect the Uniswap protocol to be something they can rely on with enshrined rules.
For these reasons I favor keeping this immutable. I do understand there are real benefits ot the upgradeability but I don’t think worth the cost.