The 'Pure' button on GR One heads do just this:
www.grbass.com
"Through the “PURE” switch you can exclude filters and equalizer and have a completely flat sound to be combined if necessary with an external equalizer"
IIRC Ashdown had or has an amp with a similar bypass feature.
Why it's not popular I'm not sure, but between the ability to use the effects loop / aux in, or simply setting EQ flat (which I do understand is not always 'flat' depending on the amp), perhaps it's just not a priority and/or the demand just isn't there.