I can see how this works for fairly limited web applications for example, but as soon as the application grows in complexity and interacts within a bigger system of systems, I am doubtful that it would be logistically possible to outsource the code review (legally, knowledge transfer wise, and a plethora of other angles I'm a tad bit lazy to consider).
Overall, why not, if it's priced correctly, then it's probably a set of additional eyes for small projects. But for anything medium or higher, yeah, I don't see this realistically working.
Maybe OP (?) can explain if I'm wrong (very likely). There's probably something I'm missing.