Treating it like a stop sign also doesn't work very well when there are huge amounts of pedestrians. As a pedestrian that yesterday meant I got the right of way all the time. For cars it was mayhem downtown.
In contrast many years ago I lived at an intersection that had almost no pedestrians back then and a few times for a power outage limited to our building and that intersection. I enjoyed standing on my balcony and watch traffic. It mostly worked well. Cars did treat it like a intersection with stop signs. There two issues happened though. One was when there was no car already stopped and about 10%-20% of drivers didn't realize there was an intersection with lights out and just raced through it. The other ironically were bicyclists. 90% of the just totally ignored there was an intersection. That was especially scary when they arrived at the same time as one of those cars who didn't realize it either.
In contrast many years ago I lived at an intersection that had almost no pedestrians back then and a few times for a power outage limited to our building and that intersection. I enjoyed standing on my balcony and watch traffic. It mostly worked well. Cars did treat it like a intersection with stop signs. There two issues happened though. One was when there was no car already stopped and about 10%-20% of drivers didn't realize there was an intersection with lights out and just raced through it. The other ironically were bicyclists. 90% of the just totally ignored there was an intersection. That was especially scary when they arrived at the same time as one of those cars who didn't realize it either.