My thoughts exactly when I heard about it.
What is the point of another fork of Steem, besides recovering the misappropriated coins? Does it have a future distinct from Hive that would support such a move? Otherwise it would only be a fork of Steem on a countdown to implosion, because nobody wants it as a separate chain.
I understand why it was proposed. So that the existing governance structure can give the solution, not an exchange, not a court of law. If not by consensus, then by a split. But a separate chain would be created doomed to fail to reverse a wrongdoing the current "consensus" (i.e. Justin Sun) introduced on Steem. That doesn't make sense either.