Whatever the fallout from people feeling "blamed" may be, attrition of all of your genuine programming talent due to tech-debt-machine peers being promoted ahead of them is not exactly an ideal outcome either.
What's more, very often genuine potential in naturally talented new programmers can be stunted if they're rewarded for lazy faux "productivity". I've seen this: a programmer has a genuine interest and passion for quality, but loses it over time due to a focus on doing (different) work that gets them promoted.
Code ownership (being required to "own" ones work along with the bugs & maintenance burden that come with it) is one of the most valuable ways programmers learn. This needs to be balanced, as one runs the risk of having a bus factor of 1, but it's still vital.