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What stops someone from creating a newer version of the GPL? What prevents someone from creating a GPL v4 with permissive license terms and using the "or (at your option) any later version" language to close the source of a GPL v3 project?

If we assume, for argument's sake, that the license of the GPL itself would only allow the FSF to produce a new version of the GPL, (and I'm not sure I would agree with this assumption...), what is to prevent the FSF from being co-opted by powers wishing to gut the GPL to allow projects to relicensed permissively, to the end of taking them closed-source?

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