Plus, Bill Gates (loosely) agrees. [0]
[0]: http://ideas.blogs.nytimes.com/2010/04/30/heres-to-you-biolo...
While I have never gotten use out of OpenWetWare's wiki of loosely edited protocols, I could see companies with the nonprofit mindset of Addgene paving the way for that visionary future.
To stretch the analogy more, though, I don't think there is a "Homebrew Biotech Club" in the same groovy, sharing sense than that which Jobs and Gates had way back when.
Examples might be isolating novel enzymes for biocatalysis from the vast microbiome that remains to be explored, novelty decorative plants, etc...
Thinking to the most basic biology research I know, that's got to be at least $25,000 to get started. And as a scientist I don't know how much I'd trust results from someone's unregulated garage.
That said, I once heard a legent that the founder of New England Biolabs sold the first restriction enzymes out of a cooler in the trunk of his car in the 70s. I wonder if they were produced in a garage, too?
The advantage that a bio-hacker might have, though, is in the ability to patent novel proteins or processes, and then trade those for further investment. The time-to-market for novel biological processes/inventions is far too long to expect a significant first mover advantage without significant financial backing and IP protection.
[0]http://www.gelifesciences.com/webapp/wcs/stores/servlet/cata...