Conceptually I am in favor of this. However, there are large counterparty risks (human, smart contract, etc) that could lead to insolvency on the protocol. Doing so would deal a death blow to Anchor.
It is not uncommon for lending/borrowing institutions to lend out their reserves for greater capital efficiency. This currently happens with large CeFi platforms - such as Celsius and Voyager, who lend out their reserves to firms such as Jump to guarantee yields for their users. It is also ubiquitous in traditional banks.
As someone focused on Governance, I am keen on this idea:
Allowing greater decision-making via Governance, especially financial ones, activates a large community and encourages more robust long-term strategic thinking.
This idea has merit but requires a lot more thinking before execution.