This would stop the currently exponential pace of growth from outpacing what society, and regulation, can adapt to. Thus avoiding the inevitable crash that will happen when we lose control of the exponentially accelerating train of technology, and it flies off the rails.
Yes. Dampening is a good way to describe it. This feels akin to degrowth. Although it is not about shrinking, it is about directing efforts towards sensible, effective and necessary development. As opposed to going as fast as possible at an attempt to secure a competitive position