Judaism did have a Martin Luther figure- Anan ben David.
However, the movement he took over, the Karaite movement is today sadly marginal.
They are very Torah true, since they do not accept any divine or quasi-divine status for the Talmud. But, you know what, they interpreted some strictures/ chumrot/ humrot of their own.
My view is that someone should start a mishmash movement, combining the best elements of Karaite and Rabbinic Judaism. Called it Rational Traditional Judaism.