The main danger is if the community trusts such an organization too much. For example- if everyone assumed the client version put out by the organization was trustworthy, then there is serious danger. A group as you propose should probably exist, but the community should remain skeptical of it, and always constructively critical.
This is the case whether or not the devs who work on the official client do so under the auspices of a legal entity, though.
Your comment raises another issue - legal entities have legal liability. It's much easier to sue an organisation which has taken "ownership" of the official client and is formally responsible for distributing a product or service.