It wouldn’t work for a native streaming service like Stadia, but I could definitely see it working for Single Player games where all the content is stored in the executable, where there isn’t reliance on centralized servers for content. Maybe download the game from IPFS or Arweave, or as another have said, developers making it available on torrents

For multiplayer games, you’d need servers for match making and such, so it’s probably not possible right now.