htaccess for redirecting all requests to public folder in shared hosting

Is it that bad? What could be the consequences? They allow one folder per one site. Its really cheap - so clients like it.

It can be, as @enlivenapp stated they can get access to your .env in case you didn't block it. And maybe your app/config/Config.php to grab the database connection in case your application start severing php files as plain text (worst case).

If you still wan't to stay with your provider I would suggest copy the contents of the public folder, and place it one place up. And modify index.php, so it can find the system folder again. So that you don't get that ugly /public/ folder in your url all the time. This will not provide extra security.