Why is the following not possible:
$$ b=(X'X)^{-1}X'y = X^{-1}(X')^{-1}X'y=X^{-1}y $$
While this term $(AB)^{-1}=B^{-1}A^{-1}$ applies to any two matrices as long as both are of full rank and are $nxn$, the problematic part is when X is not $nxn$. $X'X$ always is a nxn matrix, and hence may have an inverse. Non squared matrices need not have an inverse.
Any other reason to add?