Obviously real yield is preferable, but as has been discussed to death in Proposal: Distribution of DAO Revenue to ARB Token Holders, it is likely not feasible with the current regulatory environment, and any proposal in that direction is likely to be contentious at the very least and put Arbitrum’s future as a going concern at risk if it passes.
This proposal sets up a technical framework for distributing real yield once the regulatory issues can be sufficiently addressed, and would give Arbitrum DAO some insights on user behaviour vis a vis locking and what is done with the received rewards. This is a baby step towards real yield, not a step away from it.