Both yes and no. A bad restaurant would quickly gain a reputation as a bad place, and would lose its customers.
Alternatively, we're going to start seeing restaurant equivalents of the Speakeasy one day. That would be a fun environment.
The Feels>Reals argument has been pushed time and again. I wonder when people will realize that if as they say someone's feelings matter more than reality, that means their own feelings matter just as much as the person telling you to ignore reality.