I think it's hard. With YC, the ongoing benefit from the founders' end is really the network. I think a franchise type model would really dilute that, and you'd end up with the "real" YC and everything else.
To provide an example, consider law schools and the ABA versus medical schools and the AAMC:
There are many ABA-accredited law schools, from which a degree will allow you to sit for the bar exam in a given state. The "real" law schools (let's say the Top 14 for now, with full disclosure that I attended a much shittier law school) provide a very similar education to everyone else even down through Tier 4. The network gets you hired into the big firms with greater ease from HLS and the rest of the Top 14. Everyone else has the same law license (provided they pass the bar), but the opportunities are markedly different for most. And before any fellow Tier 3/4'ers want to flame me for this, come on, you 100% know it's true. I think I've done pretty well, but I also stopped practicing law to do it.
Now, an AAMC-accredited education, on the other hand, provides a lot more parity out of the gate when it comes to opportunity. Med school slots roughly match up with the number of residency slots in a given year, and more or less everyone matches. Not everyone gets to do Ortho/Plastic, but that has more to do with how well you did in med school, versus which med school you attended. The school itself still factors for some specialties, but not nearly to the degree that it would in law. You can be a pretty average med student and still walk out with a residency, license and reasonably good income.
YC is more like #2.