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No reason why that couldn't work, in theory, on console.
There kind of is. It costs time and money to get builds or patches approved on console. That doesn't need to happen on PC, they can just push whatever they want.
While one could technically do an early access type thing on console, I suspect it would be difficult to make it financially viable. The whole point of early access is generally to get some funds to carry on development, if you're losing a chunk of that to added approval costs that's far less appealing.