I think this is a great idea, but history suggests it won't work like you might think. First, in the US a couple of decades ago, there was a big push for "generic" products, mostly in grocery stores. Food items were labelled with simple black and white labels and offered at a lower cost than brand name products. That idea lasted only a few years and died out. Also in the US, most grocery chains have "store brands" - effectively brands with no or little marketing, offered at lower cost. Has been moderately successful.

But I think you're discounting the value of a brand. Some brands are utterly meaningless, but a good brand has real value. Consider Toyota (reliable cars), or Disney (wholesome entertainment), or Levi's (quality jeans) or Coca-cola (consistent product worldwide). Brands are also a channel of accountability for consumers. I know Toyota stands behind their warranty, so I feel good about buying their cars. If I buy a Coke, I know what I'm buying. I might suggest reading up about brands - before your idea can take off, I think you need to be able to address the gaps you'll have by not having brands.