FWIW here's the ~10000th article about the IFP. For now I only saw Jonald Fyookball making this point and as I think it's the most important reason to oppose the fund I'll expand on it a bit:

Blockchains are social coordination tools and their incorruptible properties are not magically forming out of nowhere but are emerging from certain strong agreements on simple truths shared by the people supporting and using them.

For this to work and be resilient against corruption and capture these truths must be easy and somewhat absolute/pure so they can not get more and more corrupted over time until they've completely vanished.

One such simple truth is: There will never be more than 21 million coins! Who cares if miners change it to be 21.0000001? Me! because breaking that magic number would open the doors for endless inflation.

It is not that miners wouldn't technically be able to change that limit and force higher block rewards with a 51% hashrate majority.. no, it's the fact that big parts of the community agree on this simple truth that would make it very hard, even for a hashrate majority, to get something like this pushed through.

Another simple truth for me always was that blocks will not get censored by a 51% majority because they contain transactions that - while otherwise being perfectly valid - do not pay money to the right set of people! This is terrible.. and a very important line would've been crossed!

How about orphaning the spending of some hacked coins next time? sounds reasonable.. or not? So if we now orphaned blocks with tx that spend hacked coins, why not also freeze money of criminals?

These are all things miners could rightfully decide with their Hashrate.. But I think it would be a very stupid decision and it would certainly lower my excitement for such a project.