It would be better to ban oxygen on Everest. A much more limited number would summit, and there would be no more discarded oxygen tanks. I've been up to 6400m and climbing up there was the most physically difficult thing I'd ever done, I can't imagine 8800m. However, people can and have climbed it without oxygen numerous times.
I personally think it would be wrong to ban it. Also, the criticism the Nepalese government will face in case someone dies because of lack of oxygen will be immense. I have heard stories of experienced climbers suffering from AMS on some climbs. No one would want that to convert to HAPE.