The concept of having colleagues essentially pay for your salary during a probation period is inane. But if it were your former employer, it could essentially be a type of severance / outplacement benefit. The 'skip the interview' bit is also silly. You'd still interview, but the hiring company would have an extra incentive to give you a chance if they aren't 100% sure.

Having said that, I once tried something vaguely analogous and it backfired. I had left my job and was freelancing, looking into businesses to start for myself, but nothing solid yet, and a fairly senior job opening came bouncing around that I thought would give me useful experience even though in the long term I was set on entrepreneurship. it was clear the company wasn't quite sure about me. So I essentially offered them a free trial - I'd come in and just start working for a few weeks for free for us all to see if it was a good fit, no commitments.

Ironically, I think that seemed so bizarre to them at a senior level (or they read it as signalling that I was desperate, which I wasn't) that they passed.

In the end it was all for the best - I started a business, etc.