Nah. A forcing function creates pressure toward an outcome...a standing meeting just creates pressure toward the meeting. Those aren't the same thing.
The moment you put a recurring block on the calendar, the implicit contract shifts from "we make progress on this work" to "we show up on Tues at 2". The meeting becomes the deliverable. And it always stays long after the original need has passed because nobody wants to be the one who kills it.
What you want is to call a meeting when you need one. When there's a decision to make, a blocker to clear, or a plan to align on... get the right people together and do that thing. A meeting you call as needed stays honest, or at least has a higher chance of staying honest. A standing meeting just becomes calendar furniture and most of the people in it know it.
Yeah. The real thing that creates pressure is the people applying that pressure if progress is not made. If people act that way the meeting is an effective way to do this on a weekly base instead of letting it languish over month(s).
If nobody in the meeting actually cares that the feature isn't getting finished, then the meetings value is rather small.