Sure, that works when used carefully, but may not be convenient for project specific imports. One reason is that sharing config via SCM (e.g. Git) is not as straight forward. It can also create maintenance problems if you include multiple folders that have a similar skeletons (e.g. two that contain folder components).
Webpack is (thankfully) not the silver bullet. In simpler projects I would welcome using node’s built in functionalities over having yet another dependency.
Thank you for your input!