I was all-in for ranked choice voting (and even started working on an app for it) until I learned that a candidate who would have won can end up losing by becoming more popular, which is extremely counterintuitive, and a flaw that I don't think any voting system should have.
Nicky Case wrote a fantastic explanation about how that can happen, plus exploring many other voting methods: https://ncase.me/ballot/
I still think RCV (and really anything else) would be better than the US's first-past-the-post system, but I'd definitely prefer some type of approval, score, or STAR voting over it.
This is a form of score voting, and the specific form you discuss is the method used to elect the members of Wikipedia's Arbitration Committee (although they call it "Support", "Neutral", and "Oppose" instead of "Upvote", "Abstain", and "Downvote").