I've seen screening used like that before. When I was looking online at cinder block planters, I saw that folks would use screen to create "floating" planters. It makes sense that the fabric would work, a bit less permanently, for similar. That's how the liner for my one planter box is meant to be used - there is a good 1+ inch gap between the bottom and sides. It seems the manufacturer found it easier/cheaper to include the fabric liner than to try to minimize that gap. I'm fine with that.
I've just noticed when looking for cute outdoor hanging baskets, the majority are wire frames with coir baskets. My one experience with that set up was miserable. I just couldn't get water to the plant at all. I could drench it and an hour later it would be bone dry and the ground underneath would be soaked. Even with just straight potting soil (that retained too much water in traditional planters), the water just ran right through.