You can indeed reference a git repository with a single commit specified, like described in the npm install docs[1].
Not very user friendly, but it works.
That's a bit too idealistic; in practice, any commit MAY have a bug which passed quality control. The problem is that it's all down to people's discipline, it's not an enforced standard.
A package manager where every release has to be reviewed, tested and approved before they become generally available would be a pretty interesting case, I know bigger companies who are reluctant to upgrade because of known bugs in the past would be willing to pay for something like that.
I have only done this partially over the years, but yes I agree, it's a viable alternative and when it comes to private internal modules you don't ever have to worry about singing up to npm enterprise or deploy Nexus or equivalent.