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Problem with that is that the right holder is still the right holder. He/she/it can still enforce some rights. Most likely copyright will still be in place.
An entity (like a nonprofit organisation) can also be used to secure rights for the future. Every person that develops code or transits projects to this entity, should also give the copyright to this entity. This would allow the code to change license for example later on, to a more rigid or freely license. Otherwise you need to gain support from all developers (or parties like companies) that hold the copyright. I think there once was a problem like this when GPL v3 was going to be released and everybody used GPLv2+ licenses (instead of GPLv2 only licenses). Some code automatically became GPLv3 and was unusable for several parties.
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