It does what it promises.
If you don't want to see posts by an account you can block them.
The other guy wants a lot of stuff out of that feature that is just not to decide for a publisher. Making a thing public restricts the things you can do with it, while it still is considered public. And for the important things, the creator do can ban people from their stuff.
An opt in to be followed would be nice for non publisher accounts.
Also, if you use that ignore feature aka block, that you could ignore projects, but I think this feature is intended for ignoring other users and not creators' works.