Downvotes are bad. They decrease trust and cause defection spirals. I am confident that the existence of downvotes makes the community less enjoyable, less welcoming and less productive on net.
That said, I'm not sure we should do anything to punish people using them in an extra-bad way.
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"being welcoming" is not actually good for a community if you want standards to be high.
I'd agree that it's a two-edged sword, but 1) Keeping standards high is not our only goal, and being welcoming is good for other purposes, and 2) I think there are better ways to be unwelcoming to low-quality people that cause less collateral unwelcomingness to good people.