If one existed, companies would not be compelled to release their drivers' source, and would just release closed source drivers. As it stands, kernel drivers must be open source because the kernel API/ABI changes, and drivers must be recompiled against new kernel releases. It's infeasible to release a compiled driver .ko and have it work with new kernel releases.
Similarly, companies will not be incentivized to mainline their drivers for hardware outside of hobbists' interests. We're blessed with a plethora of drivers for enterprise, cloud and industry hardware that would otherwise have never been released beyond vendors' customers' deployments.
What would happen to the Linux driver ecosystem is what happened with Nintendo, Sony, Apple and FreeBSD. You get closed source drivers siloed away in proprietary systems that will never be released. The deployed drivers will come with restrictions on use and distribution, as well, so it wouldn't be like you could pluck out compatible drivers to use elsewhere.