It would not be economically feasible to build. CANBUS has revolutionized cars; now cars look more like a human body, with power and data being distributed to major points and then branching out. Before, everything ran from the fusebox. That meant a LOT of wiring, among other things. Copper is expensive and heavy. Car makers had a lot of incentive to save weight and cost so the wiring was as thin as they could get away with, so stuff never worked quite right.
It would be dangerous, because various driver warning systems and such would not be possible. System that are having a significant impact on per-mile safety for vehicle occupants (road safety for vulnerable road users has plunged.)
It would not be economically viable to operate, because engines are efficient as they are thanks to things like variable valve timing, direct injection, and so on. Some ECUs can sense how good the combustion was on a particular firing cycle via resistance across the spark plug after the ignition event. None of that would be possible with a "dumb" car.
It would also not be economically feasible to repair, because the diagnostic time would be crazy. Trying to diagnose "dumb" cars from the 80's and 90's was a nightmare. You could spend hours just trying to figure out what was wrong in a maze of wiring, relays, resistive packs, analog sensors, vacuum lines, etc. Dealerships are staffed by low-level techs, people on their way to something else or starting their own shop. Car companies couldn't possibly train them on all the intricacies of analog "dumb" car technology anymore.
Now? I plug in a OBD2 wireless module, tap "scan" on my phone, drink a cup of tea while it systematically talks to every module in the car, and I not only get fault codes, they've likely got time and mileage stamps, an indication of whether they were intermittent or continuous.
I can trigger a test on a component.
I can see what the ECU or body control module THINKS is going on versus what's actually going on.
I can tell the body control module to adapt to a new analog sensor.
all without needing to so much as pop the hood, remove a single screw, or upholstery clip.
It's a fucking dream.
The shittiness in "smart" cars is because legislation in the US hasn't kept pace with technology, and that is because legislation and regulation in the US is dominated by corporate interests.