It's not only much simpler, it's the only action that actually makes any sense. Obviously, people should be given the ability to hide and ignore things they don't want to see, but what's the point of a mode in which I simply have to log out to view your content?

There's an enormous difference between, "I am offended by X, so I don't want to see it" and "I am offended by X, so I don't want them to see me (unless they simply log out)."

That feature has never made any sense.