I believe the reason Tesla gave up is because it requires a lot more infrastructure (expensive) than superchargers and is mechanically hard to implement (though they did show working solutions).
Also, it is a logistic pain since all battery exchange stations need a stock of batteries to charge, the size of which will depend on a lot of parameters.
Also this requires standardising the battery. Turning it into a "API". Tesla is a very fast company and introduces changes constantly to their process, unlike others whould wait for the launch of a new model. Standardising on battery model is incompatible with the Tasla mindset.
But a model like this is plausible. You would no longer care about the battery. You would no longer own the battery. If batteries were standardised, the infrastructure (not necessarily one company) would take care of the entire lifecycle of batteries (production, charging, maintenance, reuse, recycling). It could work but it is too early and technology is moving too fast.