It's a great idea if you're a billionaire and have a diverse team of qualified teachers to manage the schooling of your child(ren) at your home, you can spend more time with them and keep them guarded from kidnappings.

For everyone else it's usually a disaster, and they find out that teaching isn't just a matter of babysitting and reading a few textbooks with them, it's actually hundreds of years of knowledge distilled into design, practices and pedagogy - none of which your average homeschooling parent knows much about. Then they give up homeschooling after 2-3 years and bring a kid back to grade/primary school or high school who has now been set back multiple years behind their peers.

Then.. there's also the abuse that goes on outside of the view of the government-supervised schooling system (with mandatory reporting laws, welfare checks, etc).