In theory it could but (*ahem*) thankfully in my long career it hasn't happened (knock wood). I remember the days of double hidden-cities where you could turn a DCA-DFW special into an ATL-TUL RT by booking 6 segments, getting boarding passes well in advance and flying only 2. It was advisable to use only carry-ons for something like that, but if you wanted a checked bag you'd ask the skycap to tag it to your destination (in the era before printed bag tags).

It should be noted that back then the legacies had a much bigger market share, so you didn't readily have WN or ULCCs as other choices like now and there were more fortress hubs and routes with gouge-level fares. .

IIRC my most recent last-segment throwaway was on a JFK-ATL flight the was the end one for a trip to the Seychelles. ^ Also done with just a carry-on for the whole thing.

There are, however, stories of habitual last-segment-miss people getting warning letters or other actions by the airline.