It's very unstable in the soil and will cause a whole lot of movement of the root system due to it having nearly no weight.
Sure, it can work. But this is a particle that can compact itself under weight, and it will not bounce back. This means that the bottom of the pot will at some point contain a caked up layer of broken down bark sludge and compacted rock wool.
If you have a bag of this stuff, give it a dry run without a tree; make your mixture, water it, leave it for a couple weeks or months, and see what happens. Maybe I'm wrong!