Although I don't agree with the premise ...

It would could only be feasible if you rewarded the programmer that takes on more technically challenging features as well - "higher risk, higher reward". Otherwise why would a programmer ever take on challenging work in that environment, since any technical challenge is a liability (not an opportunity for reward).

I agree that it would create a very hostile environment as well. In my experience a significant amount of defects are due to requirement ambiguity or just a lack of a requirement. So I think this could also lead to those defects being explicitly assigned back to the business analyst, systems engineer, or project sponsor and they should be subject to that the same penalty - which wouldn't be a bad thing.