It's actually a terrible idea. You're giving the people who "fail fast" no real incentives to fix themselves up and try again, and the people who "succeed" no incentives to do even better in the future. Even aside from how cruel it obviously looks, it's really a recipe for pervasive incompetence and a failed society.
There is no fix yourself and try again.
Again the Brits had their biggest empire when led by this caste of people, which is why their boarding schools get so much overseas business today. To paint that as incompetence or a failed society is wishful thinking - they were the peak of what they could be.
I think you are fundamentally misunderstanding the system.
It’s one and done. The system doesn’t care.