How come nobody adopted that approach?
1. Is it trivial for a human to answer correctly? This affects growth.
2. Can humans do it quickly? This affects growth.
3. How is the random guess-rate? This better be abysmal.
4. How good is the “opposing” technology?
5. How is the guess rate of a sophisticated attacker, using said technology?
6. How much human input is required to create your captcha? You better be asymptotically better than human-solving the captcha.
7. What are the cultural and accessibility issues?
I remember suggestions of using computing power to slow down guess-rates. Probably related to bitcoins. However, it doesn't work since some users don't seek better computer performance.
Any CAPTCHA scheme that can be solved by enumeration of all possible answers is a failure, because there are cost effective ways to hit a CAPTCHA over and over again, with cheap humans, and build the enumeration table. This is where the "pick the image with a cute thing" in it scheme falls down. In this case, once the enumeration of description -> image(s) is determined, you lose.
Any scheme that involves humans some how creating tags or labeling images or writing text will generally be enumerable as well, because they can trivially out-manpower you.
Also, many CAPTCHA schemes use a model of spammer in which the spammer isn't permitted to be clever. If there is a pattern, in the real world the spammer is "allowed" to exploit it. There are 2^64 different ways to add two 32-bit numbers to each other, but that doesn't mean that you can beat a spammer just by asking the user to do a simple addition, because when I say "enumerate" I mean it more in the computer science sense, not the literal sense. They can and will create something that parses the problem and does it, so for instance for my stupid "add two random 32-bit numbers" example the CAPTCHA is actually easier for a computer than a human.
CAPTCHAs are hard and getting steadily harder... at least, if you require them to work. Security theater is easy.
If the captcha is ANYTHING other than immediately obvious, a signficant number users will not be able to pass it.