This would've been a godsend to me tbh. I was really bad about completing buzywork homework assignments but I paid attention in class and already understood the material. In high school I'd ace every test and wind up with a C or worse because of the number of missing assignments, it wasn't even intentional, I just frequently forgot about them because they weren't interesting and probably because of some kind of undiagnosed neurodivergence. Of course, there are also kids who might struggle to complete assignments due to complicated home lives.
I don't think making an incomplete count as a 50 is really making grades meaningless. A 50 is still going to hurt you, it just doesn't drag your grade into oblivion. If a student gets 100 on three assignments and misses a fourth, is a grade of 75 really the most accurate representation of how well they understand the material? Counting the incomplete as a 50 would make that an 87.
Sprinkling in zeros can really drag your grade down and can make it feel like your grade doesn't really have much to do with your understanding of the material, and has more to do with being willing and able to work outside of school hours (or to just copy down answers from a friend five minutes before class, which I also didn't do).