Oofta
Legend
If you don't have rules that mediate joint creation, and yet you have rich fiction, then that fiction wasn't produced jointly, was it? It was produced by the GM.
I disagree. The decisions of the player's characters can dramatically change the direction of a campaign.
As @Campbell has just posted, this is a very common approach to RPGing. As best I can tell, from my own experience, plus reading about others' experiences, it is the predominant approach by a significant margin.
For some DMs yes. For public play and modules, of course. But there's nothing that limits D&D of any edition to strictly linear campaigns, and it doesn't have to involve narrative game elements.