Closed-circuit rebreather technology is already about as simple as it can get, but there is a fundamental minimum complexity that will always be higher than open-circuit. You will always need multiple O₂ sensors (for redundancy), probably a CO₂ sensor, control electronics, batteries, solenoids, scrubber, readouts, etc. Those items are usually quite reliable but they still introduce additional failure points and risk of operator error.
Or is there something fundamental about the paradigm that makes that impossible?