How would that even work?

There are only a fixed number of shares available. Even if they gave out a tiny amount to each person every year, it would quickly become a significant portion of the entire company.

Plus the company could only technically give away the shares that it owns itself. Private shareholders aren't going to give away their shares. The only solution then would be to issue more shares. I guarantee you most board members are not going to allow issuing more shares, because that would quickly devalue their shares.

It could only work for a very short period of time if at all.