This sounds like just a fancy version of a co-op, which has been a thing for a very long time.
In contrast, the co-op is a bottoms-up model which empowers every employee to have a say, making the company dynamic and responsive to collective decisions.
While both might aim beyond just profits and share goals like amplifying employee voices, their execution is markedly different. For example, in an employee cooperative, major changes can happen quickly through collective decision-making. Conversely, in the PPT model, even unanimous agreement on change could be denied.
As a thought experiment, imagine what would happen in both scenarios (co-op vs PPT) if every single employee (including executives/company officers) decided they didn’t want the business to buy local fish anymore.
The tendency for the most ruthless in leadership to "take the wheel" by excising any from the organization who aren't on board with increased ruthlessness is a common one (see the current GOP in the US, various stories of Soviet leadership, and common trends in executive-turnover-immediately-preceding-layoffs).
EDIT: found this list: https://github.com/hng/tech-coops