The biggest problem with that is most carriers don't give you a discount if you own your own phone. So you can either pay $50 a month and get your handset for $200 or pay $50 and get your handset for $600. Which one makes more financial sense?
Many carriers are starting to give discounts. T-Mobile does already. Also, I can use an MVNO for quite a bit cheaper than a subscription plan, but I need a phone to do that. Most of the MVNOs will sell you a phone, but it will be a either a full-price model, or a terrible piece of crap.