I think streamlining the universe would have been a great idea, and Marvel could use it, too. But DC didn't streamline several of their major characters. They erased them and replaced them with totally different ones. I don't really get the idea there. They already had a working character, so it seems like more work to scrap it and make something brand new.
Anyway, starting stuff over for new readers is silly. They'd have to do it like every 3 years since new readers are always coming. They should just write better comics.