This is a solved issue. Use a bit set to have the different heads you need to fit on one driver. You can get ones that store the bits inside the driver.
Any telescopic mechanism is going to have a hollow centre and be weaker and prone to deforming. Larger hex keys are used to deliver more torque, making them hollows defeats the purpose of having a larger key, and small bolt and hex key should have been used to save weight and cost (or the same size to standardised the tooling).