Isn't that what indie games are?
The problem with that, really, is funding.
Game devs go to a publisher: 'We want to make this game, this is why its awesome!'
Publisher: 'Hmm, that could be pretty good. You've got two years, here's £500k.
Publishers fund the devs, so they can afford to actually create the games, as well as deal with advertising, distribution and so on, it means that the devs only have to worry about getting the game finished by the deadline.
Of course, with the rise of digital distribution services, Steam and Impulse for example, its much easier for devs to get their games to a market, assuming Steam or Stardock want to sell it. If they don't, its an uphill battle.
And don't forget money, somehow they have to support themselves while creating the game, a process that can take years, especially if they're having to work around other jobs to get money.
Its exactly like the record industry. You sign a deal with a label, selling your soul and giving them most of the profit in exchange for marketing and support.