I prefer to refer to those situations as "long range releases". 

 

I do take my hand off the reel handle to land a bass. I do not regularly carry a net, I lip grab (or belly lift) largemouth and smallmouth. I do have the occasional escapee. Most of the time it is due to my allowing slack in the line and the bass shakes free.

Judging from the above comments, while there is an occasional use your proposed invention, there does not seem to be much need or demand for one.  

 

What I'd like to see is a lightweight reel/rod combo (< 2 lbs.) that can be cast and reeled with one hand.  Such a device would allow a lot more people to enjoy fishing.