This idea reads like a joke, but there's something to it. One feature request: In addition to high-level milestones, it would be cool if a partially-funded project would generate a public, highly detailed implementation plan. Also, IANAL but MIT is still a license with a copyright holder. I don't think saying "it's MIT, we all own it" is defensible. The courts might view all this code as public domain.
This sort of reminds me of startups that go out of business and then open source their code. It's kind of cool when they can do that, but almost nobody ever gets value from it.
Anyway, if anyone uses the code produced this way in prod, I'd love to hear your story.