It can work, but ultimately it depends on the culture.
Europe has some corpo-sized co-ops, and while they're not perfect they seem to function better than anything in the US.
It won't work in the US at scale, ever, because US business culture is fundamentally hierarchical, competitive, entitled, selfish, and extractive.
Cooperation at scale is a completely alien concept in the US. Expedient synergies can be workable, but free-wheeling open decision making to benefit customers is only viable in small companies. And often not even then.
So it's dog eat dog. If you're not one of the predators you're the prey.
"Being the boss" of any business that's heading for IPO becomes an attempt to avoid being prey - which implies becoming one of the predators, and being comfortable with that.
If you don't start there your investors will still drag you in that direction, and remove you if you're not willing.
Gonna write a shorter reply because I’m on my phone and frankly too hungry to think, so hopefully it makes sense :-)
TL;DR I agree with you re: US culture being too selfish and independent for that kind of thinking. It’s something that has had my curiosity for awhile and lends to another argument I’ve tried to make - that when people say collectivist economic systems won’t work because humans are “inherently selfish,” I think they’re confusing human nature with cultural conditioning. I don’t pretend to know how to change that cultural conditioning, but I think it’s narrow minded to assume that because one’s culture is perhaps selfish, then humans are as well.
You would need an explanation for how every single culture in human history conditions people in this way, if it’s not connected to human nature.