Programmable point to point connections
This has been done, years ago, and not since.  The reason was simple:  It's easier, cheaper, faster, and more powerful to just use an FPGA for both the programmable interconnect as well as the programmable logic.  

Of course, FPGA's are only good for digital logic.  On the surface your approach seems to work for analog circuits, this isn't always the case.  Analog switches/muxes/etc all have a non-zero resistance, not-insignificant noise, and limited current handling capability.  This limits their usefulness to basic circuits only.  For these circuits, it is much better to just wire it up directly.

In short, only people new to electronics would use such a device and they might outgrow it rather quickly.  And it would be expensive.