Plenty of people do it, I have done it a couple of times. The only downside to it is that, IMO, sometimes it is more conspicuous than OWB holster OCing. People see just the butt of the gun coming out from your waistband and they think you are accidentally failing at CCing or trying to be sneaky.
I prefer OCing my full sized handgun simply bc of the additional capacity and comfort of not being IWB. I see your point though, of course.