There's a very easy way to ban infinites. We ban stages such as Temple rather than making a rule declaring that circle camping is against the rules. So ban Dedede, the Ice Climbers, and any other character with an infinite rather than making arbitrary rules to ban the infinites.
Oh wait, this bans 80% of the cast, probably more. Even Ganondorf has infinites, for example on Wario (Forward-B -> Dash DThrow tire + instant regrab -> Forward-B repeat, Grab -> Grab Release -> Footstool -> Tipman -> Grab the forced rising, repeat). Most characters can jab lock.
Or we could, you know, not ban infinites because they are an inherent part of the game and a weakness of certain characters against other characters. Not to mention they are a major nerf to characters like King Dedede, Ice Climbers, and even Ganondorf (do we really need to hurt Ganon's 1 playable MU against a top-tier? is chainchoking banworthy, as it can technically continue indefinitely on Charizard with very little difficulty, and is not much harder to perform on Bowser?)
We shouldn't cater to any character, high or low tier. We also shouldn't do everything in our power to make sure a character has some aspect of their metagame nerfed. Do we ban Pit from firing arrows? Falco from firing lasers? Diddy from pulling bananas? Then why do we prevent Metaknight from sitting on the ledge? Other high tiers get auto-wins against low-tiers, why should we treat top tiers differently? If MK auto-wins against every other character in the game without a LGL, why should we treat this as any different than ICs vs. Ganondorf?
If we have a LGL for MK so he doesn't have autowins against characters, ICs should not be allowed to use Squall or Blizzard against Ganondorf. Both prevent auto-wins, however one is argued to be justified because it's a buff to high tiered characters, whereas one is considered irrelevant because lol, it's Ganon, just switch to a different character.
Tell me that if King Dedede could infinite Falco, Metaknight, or Diddy Kong, the stance that the BBRRC has wouldn't be different.