It's an interesting discussion but there are drawbacks to the model. One would be, well, greed.
And I'm talking about the one that is somehow innate for most entrepreneurs. They have an idea, they want the company to be run as they want, and they want to be owners. The ESOP means ownership is diluted so I assume important decisions must be made with the support of the people. And, let's be honest, most of them don't know business.
I am pretty sure neither Jobs nor Bezos would have started companies if this was the only viable model.