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It can be difficult for co-ops to access capital. Investors are extremely hesitant to invest money in an organization where the employees can simply vote to use that money to give themselves all raises.

There are other ways to achieve what you're after: stock options, profit-sharing agreements, or even just a generous bonus structure based on hitting revenue targets are all quite common.

And all of those things aren't enough, as demonstrated by every company that's doing them now. Beyond entry level dev jobs, most of Amazon's corporate employees are getting half or more of their comp in stock. Yet here we are.

You can already form such a company. It would be called an LLP. It's common in other professions, not sure why it hasn't been a thing in software though.

Baby steps.

US law makes this type of organization harder than it should be and a union is a good step towards what you're describing.

This aligns incentives.