Basically, what's needed is an Image Comics but for music, where the creators maintain control of their works and are paid the lion's share of the profits. Surely there must be a label like this out there.
Why would a label want to do that? How would the label survive? If the creator's are paid the lion's share of the profits, would they also keep the lion's share of the losses?
Well, Image exists and seems to do okay, and the creators benefit to the extent that they are ditching the Big Two (Marvel and DC) in favour of creator-owned. I'm not sure what the exact revenue split is. Image's books don't get huge marketing pushes or movies either.
Re. losses: yes, that's how it works. You do a bunch of work up-front and if it flops, you don't make anything.