Here again, what you're imagining has been happening for 40 years or so. All of the Pabst brands are made by Miller, but when it was still G. Heileman that owned a lot of those brands, they made them in LaCrosse, WI, but essentially put the same beer into a whole bunch of different cans. A parallel in bourbon would be a compnay such as Luxco, which buys bulk bourbon for the brands it owns (Ezra Brooks, Yellowstone), but both Heaven Hill and Buffalo Trace (which are distillers) have built their business to a large part on "cats and dogs" they acquired from other companies that were either exiting the business or shedding a few brands. Buffalo Trace (i.e., Sazerac) got into bourbon with Benchmark and Eagle Rare, two brands it acquired from Seagrams. Although Heaven Hill's biggest bourbon brands are two it created, Evan Williams and Elijah Craig, it has always had a big stable of acquired brands such as J.T.S. Brown, Henry McKenna, Mattingly and Moore, J.W. Dant and many others.
I could envision a distiller acquiring cheap brands much the way Pabst Brewing Company acquired a wealth of cheap beers (Schaefer, Old Milwaukee, PBR, Old Style, Schlitz, Stroh's etc.) By my thinking this distiller would probably thus aim more for profit by volume, leaving the distillers manufacturing premium brands to fill the profit by mark-up role. Could we see a single distiller carving out a niche by manufacturing the likes of Ten High, Early Times, Ancient Age, and Old Crow or have I been thinking too hard?