In a way, yes, but I'd much prefer exchanges holding power than miners holding power. The reason is that exchanges are much more directly reliant on users and will feel the effects of angry users much more acutely.
With miners, the only way to really kick them is to sell all your coins and even then it only works if you do it at the same time as many others and it fails entirely if enough others see it as an opportunity to buy.
With exchanges ... well, if you don't like how one exchange is using their power? Well, find one that uses their power the way you prefer and move your business there. The market will immediately punish them for stupidity. With miners, you can't really punish a single miner, you either punish all of them or none of them so stupidity has to spread quite wide before it makes sense to kick them.

Nobody gives a shit, go suck a dick or something dumbass

Take action automatically if blocks have been, on average since the last difficulty adjustment more than 62% full, for instance increase the allowed block size next difficulty adjustment. If they are less than 38% full verse via decrease it. Use the same controller software now in place for difficulty to maintain fullness of blocks ~50%.