Can We Have a Player Based Over-Watch System Similar to CS GO?

CS GO has a different punishing method than league. Every case is manually reviewed by 20+ top 10% players to determine whether the player was actually trolling/hacking (I know hacking is not as big as an issue in League). This method works fairly well, because players don't hand out the punishments like candy as one would assume, and they enjoy doing it because it genuinely does help improve the community. My question is why does League not have a similar system? We already have replays available, and with a system like this, it would be MUCH easier to monitor people genuinely "running it down mid". There would be no downside to a system like this, and players who intentionally ruin a game would be substantially more likely to receive a ban. Granted I am not a top 10% player, but I do not see any repercussions to allowing this system to be enacted.
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