As one who travels with RYR at least 15 times a year, and very seldom have other than hand luggage, this idea gets my backing.
However if you have watched Mr O'Leary's statements over some time he has previously stated that those without bags cost him less money and should be able to travel for less.
I suggest he will go down the road of selling seats cheaper to those with hand baggage and later on sell baggage allowances at the time you book your flight.
An awfully clever man Mr O'Leary.