Nothing stops anyone from structuring a new business like this. Many professional service firms such as private medical clinics and law firms are structured as partnerships, which is a co-operative type of entity.

The tricky thing is building a product-focused business like this. The risk-reward ratio is very different. Most fail and few succeed massively. Succeeding massively often requires extreme hard work and ingenuity from top employees.

Personally I would never work at, nor invest any money, in a co-op. Same reason I will never invest in a public benefit corporation. I don’t see the economy as charity and I prefer to donate money to overtly non-profit entities rather than donating to “I am willing to make you less money” for-profit entities.