I for one wouldn't mind if there was a community council in place. A few examples of Free Software and Open Source Projects that run this way.

Canonical and Ubuntu have a community council
SUSE and OpenSUSE has a board
Fedora Project has a council

Drupal and Joomla! both have boards

At the very least this ideal should be considered for the benefits it could bring our community. We talk about democratizing publishing and the four freedoms. However, the direction the WordPress.org could better reflect it's mission at https://wordpress.org/about/