This is already at least partially the case. Updating rustc allows, e.g., using cargo features that were not available before, like the edition key in the Cargo.toml. cargo sub-commands compiled against older versions of cargo chuckle on this, so recompiling cargo sub-commands on toolchain upgrades is a good idea anyways.
and also a cargo-subcommand only works in combination with some versions of cargo the library, because it doesn’t have any stability guarrantee.
Note that the sub-commands would still specify the cargo version that they are compatible with. Dynamically linking does not change that. It only changes the binary size of the sub-commands, and the ability to upgrade to minor semver version bumps of cargo without re-compiling the world.