Many people argue that using this power will ultimately cause a smart contract platform to turn into something just as corrupt as we have today. I consider this a slippery slope fallacy.

I think it will be corrupt, but not because miners can be bribed or because the majority cannot be trusted to produce a fair judgement.
The main issue is that this safety net will only be offered to the financial elite - only big players involved in big contracts will have enough resources to have their case considered and be compensated, whereas small payers involved in small contracts will be left without any protection.