1. Set up your profile and preferences
2. Live, and wait for notifications that somewhere nearby a possible match is there
3. Go to your possible match and talk to him/her
so what do you think?
I can see two problems with this. The first is enforced synchronicity: I can't scroll through profiles when I've got a few minutes; if I want to make a match, I have to act on the notification right then and there. For users who live in large cities, the overwhelming majority of their notifications will occur when they're commuting, doing a food shop, eating out with friends, etc., which aren't great times for chatting up someone. The second problem is safety: users who misbehave aren't doing anything they wouldn't have done without your app, but because your app was involved, you're the one that takes the reputational damage.
There was an entirely tech-free attempt at this sort of thing called the Pear Ring, which was a turquoise rubber ring to be worn on a finger that indicated that you're single and ready to mingle. The fact that the Pear Ring website no longer exists and web searches only return lifestyle magazine websites telling us it's the future of dating suggest that it didn't work.