The NIH's "high risk" grant programs: https://commonfund.nih.gov/highrisk Anyone know on what basis they call it high risk? Do they actually track failure rates? Or is it just signalling?
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That should, in principle, include firing the PO. (Obviously, not something I desire - but if the program is badly off the rails by not taking enough risk, it's legitimate.) Basically, the funder needs skin in the game to convince scientists they're serious about risk.
Lots of other things needed to make this work - especially to credibly argue to scientists that it's worth their time - but I think something like it could work.