Why are reverse mergers not more popular? Seems like there is quite an opening for somebody to spin up assetless shell companies, take them public and then sell

Why are reverse mergers not more popular? Seems like there is quite an opening for somebody to spin up assetless shell companies, take them public and then sell them off the private companies that want to go public, and denying market makers and underwriters their huge rake, and sidestep most of the other issues surrounding an IPO.