You’d just have a bunch of under the table deals with similar outcomes but much less transparency.

Also effectively you’d have way less economic growth and paradoxically less competition.

For instance entering a new market which is dominated by oligopolies would be prohibitively expensive even if there is a lot of potential for disruption. Now you can just buy a small/ailing/mismanaged company and restructure it. With you proposal everything would have to be built from scratch at best you could just buy some of their assets during bankruptcy proceedings.