@albertcardona @MCDuncanLab @Drugmonkey on this note, after reading a few other people's reflections on the policy, I think my greatest concern is that coauthors, particularly middle authors, may not even be aware they're on a paper until after it's submitted, perhaps even after damning issues have been found by reviewers or editors and brought consequences down on them. I have more than once been told about a paper's existence after it was submitted and been invited to give any feedback in the meantime to be addressed during revisions.
If they have concerns, especially on papers with many coauthors, they may not be in any position to do anything about it short of take their name off. I have witnessed it happen and have great respect for that decision, but it's not an easy one. Coauthors likely don't have an opportunity to verify something they're only vaguely uncertain about. I think some journals' policies of collecting contribution statements from authors (X and Y carried out experiments, Y and Z did data analysis, Z wrote the manuscript) is a sensible partial remedy for this.
At the same time, I want to acknowledge that the absolutist stance has some merit -- if personal responsibility for the entire contents of a paper became, practically and enforceably, the norm, I imagine we'd shift other norms and practices to accommodate. I just don't think that's the case at the moment, and it seems unnecessarily destructive to the coauthors who contributed in good faith to jump to the level of enforcement that this policy does.