Well yeah it would tarnish the sport and take it back about 30 years in terms of its name and recognition as a sport. MMA might already be beyond hope if you look at how slow the sport is evolving and how it are just a bunch of bros in a gym beating eachother up with no clue what they're doing. MMA already is a very difficult sport to learn as you need to learn boxing, kickboxing, muay thai, wrestling, judo, bjj, ground and pound and then also bring all that stuff together into a complete game. MMA is arguably the most difficult sport in the world and it's probably being practised by the most intellectually challenged people on the planet. Adding another dimension to MMA by bringing in more people into the octagon would really be too much and we'd only see someone like Conor McGregor or Fedor pop up every thousand years instead of every decade or something.
That said. Saturday night. Some beers. Some bros. Some gang fights. No PPV, all free. Could be worse. Sure I wouldn't want the UFC to do it, nor would I like to call it MMA, but just let it be another sport or just a gameshow or something. Let it be like those games where they have to run through a parcours or something, or that ultimate ninja warrior stuff, or Takeshi's castle, those aren't bad shows.