The major problem your concept would cause is the massive increase in CPU load required to process text instead of simple bit masks, it may not matter for processing a couple of requests a second, but a core router handles trillions of packets and the text comparison process would require massive CPU capacity.
IP address space was designed for very rapid and low processor load bit masking to do route matching. To decide whether a route applies to an address, the netmask is applied to get rid of the more specific parts of the address and reduce the comparison to a simple equality operation.
We see IP addresses as a string of period separated numbers, but the address is the whole 8 byte number as a whole.
Additionally, your concept prevents the multiple path topology of the internet that results in the high resilience to damage we all know and love. Your system results in a single path into any domain space and that domain space is an invisible blob to the rest of the world.