I come across some well done (by some objective measure: good references, background checks), long form investigative piece. It seems interesting, so I read it, but then find that it clashes with some deeply held belief of mine. I decide at that point that I want my money back, because whatever it is I read made me uncomfortable, or I just didn't like it. What this ends up incentivizing is journalism that merely echoes the beliefs of your target demographic, dressed in beautiful language.

My problem is with the money back feature, not the entire idea of it. I think some other measure of engagement e.g. how much time one spends on an article, whether one keeps going back to a particular passage over and over, should be what determines if the publisher gets paid. Not whether the reader "likes" it.