It works quite well in other countries (for instance, Finland). We have a few problems in the US:

-- no profit in it (as observed above) -- we don't really respect teachers or education in the US -- school boards and local politicians want control over curricula and political agendas. Can you imagine some bright amazing young teacher teaching unadulterated evolution in some counties in Texas?

Kids are seen as a cost, not an asset or an investment, and we like to cut costs. And I do think there are broad swathes of the political establishment that are really invested in keeping America dumb.