No reason at all you can't let bees live in a 'bait' hive, provided it is up to the
job. Most bait hives are light weight and get collected in over winter for safe storage - if you beefed up your design and materials you could build a bait hive to last a few seasons.
Have you looked at the
thread about log hives? I think these would make excellent permenant features in the landscape for bait hives or longer term colonies. My medium term aim is to have half a dozen low intervention colonies around the place for pollination and occasional honey harvest - logs fit the bill nicely now I'm getting better at hollowing them out.