Making the company responsible for the entire lifetime of a product also makes them effectively own the product. Your idea sounds a lot like renting from the producer.
Said responsibility can remain the choice of the consumer: producer must accept repair/replacement if consumer brings it back to them, but consumer is not forced to bring it back to them if anything goes wrong. Consumer may also choose to self-repair, sell, etc. Perhaps consumer must bring it back to dispose of it though, as nobody benefits from hucking it directly into a landfill.
The other difference between "renting" from the producer is that the producer isn't collecting any rent, only initial purchase.. and that producer cannot claim the item back whenever they please.
