The problem is the worst people NOT IN GOVERNMENT already have more power than that, and can thus easily crush such a government and turn it into a de facto oligarchy.
Which company or individual has nuclear weapons? Could send you to war like Russia in Ukraine to die? Could print as much money as they want. Can raise arbitrary taxes and people have to pay or you just incarcerate them. Can send you to prison. Spy everything you do by force.
Governments can kill you, rob you, kidnap you, spy you, without consequences.
I don't know any individual or company with as much power as Governments have.