Several veteran coaches appear to be trying to do this, but it's pretty difficult to do with the current system. The primary issue in D-1 is that there are too few low initial rating, very high potential recruits. In real life, mid majors that are successful to a great job of developing these kids, so while they may not be as consistent year to year, with bunch of uperclassman, they can compete for final fours. (Butler, WSU, VCU, Gonzaga, Xavier, etc).
There are other minor issues(not enough human coaches in D-1, prestige at mid majors, etc) that make it difficult, but teams were competitive from mid majors until they changed recruit generation about I dunno, 20 seasons ago at this point? I think many of the recruit changes were good, but some of them led to the complete demise of the mid major as a viable option in MOST circumstances.