Don't do this. It's not clever - it's just lazy. If you don't want a lawn that's fine. But just neglecting it will result in something awful and everyone will hate it. Just letting everything grow to seed so that it spreads everywhere is also kind of rude. Be a good neighbor. Don't attract mosquitoes or ticks, etc.
Be thoughtful about it and think about how you want your yard to look. If your idea results in no maintenance then it's not a good idea. Even a meadow look or something more natural will require time and energy to maintain. Probably more than cutting a lawn.
> it's dramatically less work as you only need touch the thing a maximum of once a year
No, it's not. What you have is something that looks awful. I'm glad my town will come and chop your lawn down once it hits 10".
If you live in a rural area then do as you please. But if you have neighbors, this is a really bad thing to do.