I'm not following this either. What if the service goes from the meter directly into the house above the basement ceiling? And I think I remember seeing somewhere also that if the subpanel controls all the circuits in the house, only 3-wire ser is needed.
If the Main disconnect is not directly opposite the wall, and the Service conductors don't enter close to the disconnect "nearest the point of entry", it would be a violation.
The problem is that you would have un-protected service conductors running through the house.
The un-protected service conductors can only (per code) travel a very short (debatable

) distance into the residence before they must hit the Main disconect.
It's all about safety.
If you can't keep the inside Main close to where the conductors enter the home, you would need to mount the Main disconnect outside.
At this point, the inside panel would become a feeder (sub) panel, and would require a 4 wire feeder so that you could isolate the Grounded (neutral) conductor from the (bonded) equipment grounding conductor.
If you don't do this and run 3 wire service conductors (240V 1 phase as example) a distance into the residence, the wires are not protected by a overcurrent device, and if a short circuit occured in this cable(s), it could easily cause a fire, or worse.
Plus, the ground wire of the 3 wire cable would be carrying return (neutral) current in tandem with the (3rd) conductor also performing as the equipment grounding conductor.
This is not allowed inside a residence.
Whether or not this feeder (sub) panel carries all of the current used in the house doesn't matter, and has no bearing on the question.
just my opinion
steve