You're thinking of "direct listings" (and even then, Morgan Stanley has done several of them). SPACs are actually fairly inefficient and usually give large windfalls to the SPAC sponsors.
> The Angel Pond SPAC vehicle was founded by CEO and Chairman Theodore Wang, the founder of Puissance Capital Management and Angel Pond Capital and a former Partner at Goldman Sachs, and Simon Xie, the founder and Executive Director of Hangzhou Hupan Shannan Capital Management and a co-founder of Alibaba Group.
If you want public money (via SPAC or IPO), you're paying money to "Wall Street" in one form or another.