It's a great idea but it requires a population raised and educated to do it.
Now most of education is learning to follow capricious orders. Learning to be a lowly peon in a hierarchy with no say, not a thinking individual.
You'd be surprised to know that we don't have the strict hierarchy that you claim. In fact, many many companies are following bottom up design, empowering employees, vertical decision making, and etc. Companies more and more want employees to have an ownership share in the company, want them to be empowered, want them to be able to make quick and informed decision making.
The problem that you don't see is that not everyone has the knowledge to make the informed decisions equally. I'm an expert in finance (and somewhat dangerous when it comes to marketing.) But I'm completely clueless when it comes to engineering. In companies where I am a partial owner, I'm the decision maker in finance (with input from the partners). The assistant controller with 3 months of experience in finance does not have the same authority that I have. But in engineering, I stay the hell out. This is why version of how a company should exist (a collective with equal decisions making by the members of the collective) doesn't work. In a pure collective, decision making is too slow, too cumbersome. And those who lack experience don't always make the correct decision.
Just my take...
Yup. This is the fundamental failure of direct democracy. Professionals generally know what's outside their realm and who to defer to. A crowd doesn't. The reality is that those who know little of a field don't realize what the field entails and thus don't realize the extent of their ignorance.
And there aren't enough hours in the day to be a professional at more than a few fields.