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One of those other options is: do nothing :)
Python doesn't normally make things read-only just because mutating them does nothing useful. Sometimes we make things read-only when mutating them does nasty stuff, but even then sometimes we don't.
So the real question is, do others consider it a sensible and useful API change to make setting it do something useful, and how many other changes would be required to make the rest of the API consistent with that change?
We may be in python-ideas territory here, I'm not sure.