In short
It can be secure, but it will be very inefficient.
In detail
Those bit strings 0001
, 0010
, 0100
, 1000
, etc are just powers of two if you look them as integers (i.e., $2^0, 2^1, 2^2, 2^3$, etc) and applying logical bitwise or to some of them is equivalent to adding up some of the powers of two.
Therefore, what you have proposed is a scenario where Alice publishes several encryptions of powers of two, $c_i := Enc(2^i)$ and Bob combines them in some random way, that is, Bob chooses $b_i \in \{0,1\}$ and compute
$$c_B := \sum_{i=0}^{n-1} b_i\cdot c_i = Enc\left(\sum_{i=0}^{n-1} b_i\cdot 2^i\right).$$
It is easy to see that if each $b_i$ is chosen uniformly, then the distribution of the value encrypted by $c_B$ is uniform on $\{0, 1, ..., 2^n-1\}$, which is a perfect scenario (the exchanged key is uniform, then, hard to guess).
However, the problem with this approach is that an attacker could look at $c_B$ and all the $c_i$'s and try to figure out the values of $b_i$'s. Notice that if we manage to discover at least one $b_i$, then we know what is the $i$-th bit of the exchanged key. So, we must rule out that possibility.
A standard way of doing it is to use the Leftover Hash Lemma to guarantee that the distribution of $c_B$ is statistically close to the uniform on the set of ciphertexts $\mathcal C$, but it would require $n$ much bigger than the security parameters $\lambda$. It means that Alice would need to publish much more than $\lambda$ ciphertexts, each one having more than $\lambda$ bits, which means publishing much more than $\lambda^2$ bits (likely to be more than $\lambda^3$). And we still have to take into account the time required to encrypt and combine all those values...
Moreover, I don't think that there is another known way of making this key-exchange secure, since the problem of hiding these $b_i$'s is basically the same problem that the homomorphic encryption schemes face when they are turned into public-key schemes, and the solution I always see on the papers is the one I said (using Leftover Hash Lemma).