Good afternoon, Tridentinus.  
I have to say that, in a sense, I agree with the sentiment if not the particulars of giacomo's thought.  Here are a couple of reasons:
1. Even if all abuse were to immediately cease, it holds the attention of the individual bishops on the scandal that they can cause to the body of the Church.
2. Corporate judgement for corporate sin is a Traditional principle.  The college of bishops are a corporate body, some members of which have failed and caused harm to the flock.  I liken it to basic training in the military where the failure of one represents the failure of all.
3. I don't see this atonement as punishment, per se, but discipline.  The bishops are spiritually responsible for those under their charge, and humility is a bedrock virtue for those who would lead spiritually.
4. I don't think this would denigrate the episcopacy any more than the washing of the feet during Holy Week.
I'd love your thoughts on this.