Except when you get more and more people in the group, the wants of any given individual get outweighed for larger, more generalized expenses. This is literally the same concept as taxes, just applied to a small enough group that an individual gets a real say in how the money is spent.
But if it works well it’ll inevitably get popular, attract more users, and the voice of the many will drown out the voice of the few, with out-of-touch treasurers spending the money unwisely, becoming exactly the same in every way as taxes.