I didn't think the OP described a comp structure. The org-wide decisions being put to a vote already happens in a lot of public companies, and it would be the employees voting if they were the shareholders. It's a really straightforward idea.

Well, I know there's more to life than comp but when it comes to deciding what to do for work, its a huge factor. I'm just wondering how you would get a similar comp in OPs system.

The co-op makes and offer, and I guess you'd negotiate, then accept it if they offered enough. Voting shares would be a major part of your compensation like with most companies. You might offer them a premium because you'd expect to be exempt from industry-wide anti-labor actions like the recent layoffs and those old anti-poaching agreements, but that would be for you to decide.

Makes sense. I suppose that may be enticing for some. I just don't know how many people would sign up for it when there's tons of companies dangling RSUs and insane bonuses or the opportunity to do a startup and get acquired. I would wish this theoretical structure luck though.

The early engineers would be paid in a lot of equity, not the tiny fractions of a percent that you get at startups these days, so if you're willing to take a risk, it could be a good deal.