Consider naïve quantum gravity, defined by $$ Z=\int e^{-\frac{1}{\hbar}\int R}\mathrm dg $$ where $R$ denotes the Ricci scalar, and $\mathrm dg$ a path integral over all metrics. I have set $G_N=1$ to simplify the notation. I will further assume $d>2$ so that $\int R$ is non-topological, and so gravitons propagate.
Consider the following (wrong) argument.
On the one hand, if we perform the change of variables $g_{\mu\nu}\to \hbar^{2/(d-2)}g_{\mu\nu}$, the partition function becomes $$ Z=\int e^{-\int R}\mathrm dg $$ and so we see that $Z$ is actually $\hbar$-independent.
On the other hand, if we let $\hbar\to0$, the path-integral localises on the space of solutions to the classical equations of motion, the Einstein equations: $$ Z=\sum_{G_{\mu\nu}\,\equiv\,0} e^{-\int R} $$ up to the standard one-loop determinant.
Putting these two observations together, it would appear that naïve quantum gravity is perfectly well-defined, finite, and in fact identical to classical gravity (who'da thunk it?).
Needless to say, the conclusion is false, so there must be some mistake somewhere in the argument. Where is it? Here are my thoughts on the possible source of the error:
The change of variables does not leave the measure invariant. This doesn't seem likely, because it is just a rescaling, and we perform these all the time, e.g. when discussing scaling dimensions and beta functions, etc. Even in basic QFT, where we introduce the wave-function renormalization $\phi\to Z^{1/2}\phi$ to set the residue of the two-point function to $1$ (the normalisation required for the LSZ).
The localisation procedure is subtle. I assume the key is here. For example, the localisation includes a one-loop determinant. But this determinant is in fact known to be finite (QG is one-loop finite, cf. this PSE post), so the argument above seems to suggest that $Z$ is finite too, to all orders, which is false. Furthermore, SUSY localisation really does follow the steps above, so I don't know why GR should be different.
The sum over classical solutions is ill-defined. This again seems unlikely, because we could consider e.g. compact spacetimes, where $\int R$ is finite, and/or consider boundary conditions restrictive enough to have good control over the classical solutions.
In general we are not only interested in $Z$, but also in correlation functions. So we should also consider insertions. A natural family of correlation functions is $\langle R_{\mu\nu}R_{\mu'\nu'}\cdots\rangle$. But $R_{\mu\nu}$ is scale-invariant, and so the argument above also "proves" that these correlation functions are finite, just like $Z$ itself.