If you have rim brakes, the pads won't line up with the rim.
If you have disk brakes, you can. The bike will sit about 3/4 in lower with the same width tires.
There are two styles of bike right now, mountain bikes and gravel bikes, that are using this to advantage. For example, the Salsa Timberjack is available with 29er wheels or with 27.5+ (extra wide) wheels. On the road/gravel side, Salsa Warroad is available with skinny 700c x 30mm or wider 650b x 47mm wheels - the road bike equivalent sizes.
