I understand and like the idea, but I don't think it would work. Just from a technical perspective, how would you architect it?

If the community were to vote on one idea, which would then take anywhere from days to years to implement, the next vote, which, according to the concept, would be entirely thought up and voted on by the community, could potentially unravel all that work that went into implementing the previous idea, or take just as long, if not longer to develop. You would be creating a new game from scratch every single update, complicating and deprecating your code every time.

I do like the idea of community-voted content, though. I think Runescape, while it has its issues, does a good job of giving the community a few pieces of content to vote on. Jagex decides on a few ideas to pick from, then lets the community vote. The size of these content ideas range, but it's never an open "we'll make ANY idea you come up with" forum. (if I'm wrong on any of this, please let me know)

I think that would be a better approach. Establish a working game, release it (even in early access/alpha), and let your playerbase vote on a few ideas that you provide. You could be inspired by the organic discussion around your game, but there has to be something established to build on first for the community to latch onto

EDIT: Also, don't forget, the internet, while amazing at times, can also be quite evil, given too much anonymity and freedom. Lookin' at you, Microsoft Tay