A similar suggestion has already been posted (https://discuss.grapheneos.org/d/24377-power-button-multi-tap-possible-feature-request), but it didn't gain much traction and I actually thought of the same thing independently, so I thought I'd try my luck.
I think having a faster, less conspicuous way to shut down the phone would be a great boost to security and privacy in cases when someone is demanding you give them your phone.
If I'm being robbed or having my phone confiscated, I think I would struggle to turn off the phone by the usual method of holding down the power button and then pushing the button on the screen before handing it over. At least without making the situation even worse for myself.
But if, instead, there was a way to power it off using only the power button, I could easily do so as I take the phone out of my pocket without raising undue suspicion.
My suggestion would be pressing the power button three times quickly, but I'm sure there are other options.
What do you guys think?