Nope. Because you can know and trust that felon white supremacist militia man all day. The rest of us would very much like to prevent them from getting a gun ever again. And the honesty system obviously isn’t working.
Hoping people just use the system isn’t any better either.
Requiring an FFL to be part of all transfers and keeping the records solves this. And black helicopter paranoia isn’t a good reason to not do it.