There is an alternative already of sorts, and that is in 2 wheel tractors like the BCS Tractors.
I did some looking into what you propose for a
class on sheep farming that I do, and I found a
tractor haying package was $27,000 not counting the tractor. That was not too bad, but still pretty darn high I thought! But compare that to a BSC haying system that with mower, rake and baler for $9000, and it is 3 times cheaper. Obviously there is some scale issues as there is a limit how much acreage a BCS System can efficiently do, but for a small farmer...once again, a two wheel tractor is pretty affordable.
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Other options are building a persons own equipment. Mowers, tedders and rakes are easy to fabricate because they are so simple. Balers are a bit different which is why I lean towards loose hay being what will occur in the future.
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On my own farm, I am moving towards grass silage since the equipment needs are less, and cheaper to purchase. (Mower, Flail Chopper).