I am not against some portion of the Treasury being used as rewards, but frankly, the distribution process for grants from the Treasury to contributors has been fairly immature. These processes would need to be substantially upgraded, with far better oversight.
But I am against the idea of all Yearn income going to YFI buy-backs which then sit somewhere and require governance to intervene. IMO, income is a core part of the Yearn/YFI token value proposition. And having on-chain governance fight monthly, quarterly, etc. over how that money will be distributed may not be conducive to a good outcome or healthy community, IMO.
I’m not against reinvesting some additional portion of that of that money into growth (e.g., paying all core team members a 10% to 20% bonus in time-locked YFI, plus some additional amount going to grants), but IMO, the expected value gleaned from such a reinvestment strategy is not worth killing all of the income of the token.