Actually, DIII has a release requirement but, if I remember right, it is something akin to the player releasing himself to look. It came into operation 3-4 years ago.
I am sure 3FG will tell us if it no longer exists and also give the specifics.
As I recall it, the player could self release for 30 days and contact other programs. After 30 days, he needed to tell the AD and get a written release.
Other aspects are a DIII to DI transfer, as TPM notes, does involve sitting out one year and also involves being ineligible for any athletic aid/support for one year.
Finally, there is the aspect that if a player isn't recruited by DI's out of high school, what has changed about the talent level in one year.
DIII to DI happens but it is awfully rare and, in my experience, almost always came about because the player was seen in a Summer Wood Bat league and the DI ability was obvious. It usually came about from others contacting the player, not the player calling coaches.