I think so. It’s an ideal way to have a general purpose bike.
Assuming that the 29er size was for road and gravel use, you’d be using a tyre slightly bigger than 2″, so let’s pick 2.15″ as a medium choice.
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Then for trail riding you use the 650b+ size with say a 3″ Nobby Nic
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So theoretically bugger all difference in diameter and no geometry changes needed.
And all you have to do is give up a load of flexibility and capability, for no reason. No idea why anyone would accept a 29er that can only run skinny tyres in 2017. (OK, you could run bigger tyres, at the cost of a higher BB… but that’s daft)
TBF adjustable geometry isn’t just the right way to do it, it’s the only good way. It’s easy to do, and has no significant downside. The entire point of a transformable bike is choice so why do it in a way that reduces it?
We can have bikes that do both jobs as well as a “29er specific” or “b+ specific”, in fact it’s not even hard. Why settle?