Sure, though the two obvious problems are solved easily: make developers "reserve" a number ahead of time, and keep a list of applied revisions in the DB table.
I was on a team doing this 15 years ago, and we did some pretty hardcore DB migrations on a large, complex database without any fuss with >30 developers working on it at the same time.
One thought I had is to put the schema in a flat file and put the migration on the commits (with mechanical checking that the two agree). I may've prototyped it at some point, I don't recall - I'm pretty sure I never used it in anger.
I would just suggest people use database migration tools from the start. This "autoincrement" method breaks down easily when there are multiple developers working on the same project.