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This is done all the time. Even on the smaller scale with middle/upper-middle class families; they have LLCs or some other legal avenue that owns their car, their suburban home(s), etc. It's not just the rich people who do this - it's not hard for someone who's just intelligent to make the right choices in both protecting assets as well as diversifying their wealth.

It will lead to a lot of that but there are limits. Personal use of car/etc is considered a taxable benefit, only 'business use' can be expensed but it could be abused.

You can do that, but all of those things are taxable compensation which you will still need to pay taxes on.

People already do this. Both with LLC and trusts.