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i mean... someone did try this with i2c. a couple of dead computer companies shipped a bus that i forget the name of, based on this concept. its descendant is the vga hdmi control channel spec (which was implemented as a de facto separate standard but is very similar)

the name is escaping me

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ACCESS.bus by Philips (who developed I²C) and DEC, and the DEC variant SERIAL.bus (with different voltage levels) used by their keyboards and mice for a little while.

And a variant of ACCESS.bus lives on as the extremely widely adopted DDC that is a part of HDMI, DVI, and VGA.

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