PoW without difficulty adjustment is near useless in the grand scheme of things. Satoshi’s genius was the difficulty adjustment. HashCash existed long before — there’s a reason it never caught on for preventing e-mail spam.
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Yeah, difficulty adjustment I can do. I would just start at some difficulty, and announce ahead of time (maybe 6 months ahead) of the new difficulty. People would have to roll over their device keys before then if their PoW wasn't already high enough.
But I think @ynniv 's point is the biggest problem. People's hardware is just too variant. Smartphones can't compete with spammer dedicated hardware, so there is no PoW which is easy enough for a smartphone and still too hard for a spammer with dedicated hardware.
And my point about the key generation not being the gating factor also has convinced me that this line of thinking is a dead end.